Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 25.03.2021  
C(2021 ) 2122 final  
PUBLIC VERSION  
Pentacom Investment (UK) Holdco 
Limited  
Ropemaker Place  
28 Ropemaker Street  
EC2Y 9HD  – London  
United Kingdom  
 
Aberdeen Standar d European 
Infrastructure GP IV Limited  
Bow Bells House, 1 Bread Street   
EC4M 9H H – London  
United Kindgom  
Subject : Case M.10174 - MACQUARIE / ABERDEEN / UCLES JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic  Area2  
Dear Sir or Madam,  
1. On 03 March 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Pentacom 
Investments (UK) Holdco Limited (‘Macquarie’, UK), belonging to the Macq uarie 
Group  and Aberdeen Standard European Infrastructure GP IV Limited  (‘Aberdeen’ , 
UK), belonging to the Aberdeen Group  acquire within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation joint control  Ucles InfraCo, S.L . (‘Ucles’, Spain ) 
by way of purchase of shares .3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 87,15.03.2021 , p.9. 

2 2. The business activities of the undertakings concerned are:  
 for Macquarie: global investment bank and financial services provider  covering 
resources and commodities, green energy, conventional energy, financial 
institutions, infrastructure and real estate ; 
 for Aberdeen : asset manager  active in sectors including transportation, social 
infrastructure, waste and water treatment and clean energy production networks ; 
 for Ucles : wholesale supply of broadband access services in Spai n. 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of 
certain co ncentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and wit h the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .