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,  9.1.2020  
C(2020 ) 124 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9667  – BLACKROCK  GROUP / RAFFLES / KELLAS GROUP  
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 6 December  2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Global Energy & Power Infrastructure Fund III L.P. (“GEPIF III”, 
USA), belonging to the BlackRock Group (“BlackRock”, USA) , and Raffles Infra 
Holdings Limited (“Raffles”, Singapore), belonging to the GIC Group,  acquire within 
the meaning of Article 3(1)(b)  of the Merger Regulation joint control over the whole 
of the undertaking Kellas Group Holdings Limited (“Kellas Group”, United 
Kingdom), currently owned by Antin Infrastructure Partners Luxembourg II S.a.r.l. 
and certain members of Kellas Group’s manageme nt by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 GEPIF III is a fund focussing on investments in the energy and power 
infrastructure value chain. It is managed by a subsidiary of BlackRock,  a publicly 
traded comp any active in the provision of investment management, risk 
management and advisory services,  
 Raffles is an investment vehicle managed by GIC Special Investments Private 
Limited (“GICSI”) , which manages a global portfolio of investments in private 
equity, venture capital and infrastructure funds, as well as direct investments in 
private companies  for the government of Singapore . GICSI belongs to the GIC 
Group,  
                                                 
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  Public ation in the Official Journal of the European Union No C 424, 17.12.2019 , p. 23. 

2  Kellas Group is a midstream infrastructure business active in the transportation 
and processing of  natural gas and natural gas liquids.  
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 (b) of the Commission Notice on a simplified pr ocedure for treatment of 
certain concentrations 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 
compatib le with the internal market and with 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 .