Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERG ER REGISTRY, 1049 Brussel,  BELGIË 
 Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION 
Brussels, 21.12.2017 
C(2017) 9121 final  
In the published version of this decision, some 
information has been omitted pursuant to 
Article 17(2) of Council Regulation (EC) No 
139/2004 concerning non-disclosure of business secrets and other confidential 
information. The omissions are shown thus 
[…]. Where possible the information omitted has been replaced by ranges of figures or a 
general description.  
PUBLIC VERSION 
To the notifying parties:  
 
Subject: Case M.8731 – COMSA / MIROVA / PGGM / CEDINSA CONCESSIONÀRIA  
Commission decision pursuant to Articl e 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreemen t on the European Economic Area2  
Dear Sir or Madam, 
1. On 24 November 2017, the European Commi ssion received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which COMSA 
Concesiones S.L.U. ("COMSA", Spain), Mirova  Core Infrasructure S.À.R.L ("Mirova", 
Luxembourg) and Stichting Depositary PG GM Infrastructure Fund ("PGGM", The 
Netherlands), acquire within the meaning of  Article 3(1)(b) and 3(4) of the Merger 
Regulation joint control of Ce dinsa Concessionària S.A. (" Cedinsa", Spain), together 
with Cedinsa's other shareholders Meridiam Investments II, S.A.S. ("Meridiam", France)3 
and Copcisa Concesiones, S.L. ("Copcisa", Spain) by way of purchase of shares.4 
2. The business activities of the undertakings concerned are: 
– for COMSA: infrastructure s and engineering sector, 
– for Mirova: portfolio management soluti ons aimed at combining value creation and 
sustainable development, 
                                                 
1 OJ L 24, 29.1.2004, p. 1 (the 'Mer ger Regulation'). With effect from  1 December 2009, the Treaty on the 
Functioning of the European Union ('TFEU') has intr oduced certain changes, su ch as the replacement of 
'Community' by 'Union' and 'common market' by 'interna l 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  […]. 
4  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). 

2 – for PGGM: pension services provider, speci alizing in the administration of collective 
pensions and including asset management, 
– for Cedinsa: holding company with subsidia ries active in the area of infrastructure 
concessions, in particular toll motorway concessions, 
– for Meridiam: management of infrastructure investments, 
– for Copcisa: construction, public work c oncessions, and real estate development.5 
3. After examination of the notification, the European Commission has concluded that the 
notified operation falls within the scope of th e Merger Regulation and of paragraph 5(c) 
of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
6 
4. For the reasons set out in the Notice on  a simplified procedure, the European 
Commission has decided not to oppose the notif ied operation and to declare it compatible 
with the internal market and with the EEA Agreement. This deci sion is adopted in 
application of Article 6(1)(b) of the Me rger Regulation and Ar ticle 57 of the EEA 
Agreement. 
For the Commission 
 (signed) 
Johannes LAITENBERGER 
Director-General  
                                                 
5  Publication in the Official Journal of the European Union No C 413 , 5.12.2017, p. 12. 
6  OJ C 366, 14.12.2013, p. 5.