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, 17.06.2020  
C(2020 ) 4136 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9851  – NATURGY  / SONATRACH / BLACKROCK / MEDGAZ  
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 25 May 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Naturgy  Energy Group S.A. ("Naturgy", Spain), Sonatrach S.p.A 
("Sonatrach", Algeria), and Global Energy & Power Infrastructure Fund III L.P. 
("GEPIF III ", Cayman Islands ), managed by BlackRock Alternatives Management 
(“BAM”, USA) belonging to the BlackRock Group ("BlackRock ", USA ), acquire 
within the meaning of Article 3(1)(b) of the Merger Regulation joint control over the 
whole of the undertaking Medgaz S.A. ("Medgaz", Spain)  by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned are: 
 Naturgy is active in electricity markets as well as mid and downstream gas 
markets, as well as in the gas storage, dis tribution and retail businesses,  
 Sonatrach is the national state -owned oil and gas company of Algeria  and is 
active  all alo ng the hyd rocarbons value chain,  
 GEPIF III is a fund focussing on investments in the energy and power 
infrastructure value chain. It is manag ed by BAM,  
 Medgaz owns and operates the Algeria -Europe gas pipeline that transports natural 
gas from Algeria to Spain . 
                                                 
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 introduc ed 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 183, 3.6.2020, p. 7. 

2 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 procedure for treatment of 
certain conce ntrations 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 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 .