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,  13.03.2020  
C(2020 ) 1714 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M .9745  – SUNSUPER / MACQUARIE / PGGM / MAGL  
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 20 February 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Sunsuper Pty Ltd , in its capacity as trustee of  Sunsuper Superannuation 
Fund (‘Sunsuper’, Australia) , Stichting Depositary PGGM Infrastructure Funds, 
belonging to the PGGM Group ( ‘PGGM’,  The Netherlands)  and Macquarie  
Transportation Finance Limited, belong ing to Macquarie Group  (‘Macquarie’, 
Australia), acquire within the meaning of Article s 3(1)(b) and 3(4) of the Merger 
Regulation joint control over the whole of the undertaking Macquarie AirFinance 
Group Limited ( ‘MAGL ’, UK ), currently jointly controlled by Macquarie and PGGM , 
by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Sunsuper : pension fund active in the  operation of organisational pension 
programmes in Australia. , 
 for PGGM : manages pensions for different  pension funds, the affiliated 
employers and their employees on a global level,  
 for Macquarie : a diversified financial group that provides asset management and 
finance, banking, advisory and risk and capital solutions on a global level,  
                                                 
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 64, 27.02.2020 , p. 39. 

2  for MAGL : active in aircraft leasing on a global level with a diverse customer 
base, leasing aircraft to more than 80 airlines in approximately 50 different 
countries worldwide.  
3. After examination of the notification, the European Commission has concluded that 
the n otified 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 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 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion 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, 14.12.20 13, p. 5 .