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, 17.1.2022  
C(2022 ) 365 final  
PUBLIC VERSION  
Global Infrastructure Partners  
30th floor, 1345 Avenue of the 
Americas   
10105 – New York  
United States of America  
APG Asset Management N.V.  
3 Gustav Mahlerplein   
1082 MS – Amsterdam  
The Netherlands  
AS Infra PP Pty Ltd  
130 Lonsdale Street, Level 30  
VIC 3000 – Melbourne  
Australia  
Peel Holdings Group Limited  
Billown Mansion, Ballasalla, Malew  
IM9 3DL – Isle of Man  
United Kingdom  
Subject : Case M. 10535  – GIP / APG / AUS TRALIANSUPER / PEEL GROUP / 
PEEL  PORTS   
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 14 December 2021 , the European Commission received notification of a 
proposed concentration pursuant to Article 4 of the Merger  Regulation by which  
Global Infrastructure Management, LLC via its fund Global Infrastructure Partners 
(“GIP”, United States of America) , APG Asset Management N .V. (“APG”, the 
                                                 
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 ‘Communi ty’ 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 ’). 

2 Netherlands) , AS Infra PP Pty Ltd, acting as trustee for the AS Infra PP Trust (“AS”, 
Australia)  and Peel Holdings Group Limited (“PG”, United Kingdom)  intend to  
acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulatio n 
joint control of Peel Ports Group Limited (“the Target”, United Kingdom)  by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
- for GIP: funds investing globally in equity and equity -related investments in 
infrastructur e and infrastructure -related assets in the transportation, energy, 
water, waste and other public service sectors. One of GIP’s jointly controlled 
portfolio company, Terminal Investment Limited Sarl (“TIL”) invests in, 
develops and manages container termina ls in 27 countries around the world, 
including a container terminal at the port of Liverpool (the L2 Terminal) which it 
jointly controls with the Target,  
- for APG: subsidiary of APG Groep N.V., a Dutch pension provider, active 
globally in the management of assets for pension funds in various sectors, 
including education, government, construction, energy and utility companies,  
- for AS: Australia n superannuation (pension) fund, investing globally in unlisted 
assets, namely infrastructure, property, debts and private equity,  
- for PG: investment company with interests in a diverse portfolio of real estate, 
transport and infrastructure assets, primaril y active in the UK,  
- for the Target: provider of ports services across the UK and Ireland and shipping 
across the UK, Ireland and Europe. Its port operations include activities at the 
Port of Liverpool, the Manchester Ship Canal, Port of Heysham, London 
Medway, Port of Great Yarmouth, Clydeport, as well as Dublin Marine 
Terminals in Ireland. The Target has a subsidiary, BG Freight Line (“BG”), 
which provides short sea container shipping services.  
3. After examination of the notification, the European Commissio n has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph s 5(c) and 6 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  
 
                                                 
3  Publication in the Official Journal of the European Union No C 520, 27.12.2021 , p. 10-11. 
4  OJ C 366, 14.12.2013, p. 5 .