Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europe se 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, 13.12.2019  
C(2019 ) 9257 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9627  – APG / ELECNOR / CC&I  
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 November 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Pasterze 
Investments Holding B.V. ( “PIH”, the Netherlands), and Elecnor S.A. (“Elecnor”, 
Spain)  acquire within the meaning of Article s 3(1)(b) and 3(4) of the Merger 
Regulation  joint control of  Celeo Concesiones e Inversiones S.L. U. (“CC&I” , Spain), 
currently part of Elecnor , by way of  purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for PIH: PIH is owned by two mutual funds managed by APG Asset Management 
N.V.  which in turn is part of the APG Group N.V. (“APG”).  APG is active in 
executive consultancy, asset management, pension administration and 
communication for pension funds in the field of collective pensions ; 
 for Elecnor : engineering, construction and services projects in areas including 
electricity, power generation, gas, telecommunica tions and  systems,  railways , 
energy maintenance and efficiency ; ind and solar power generation ; 
 for CC&I: the management of  Elecnor´s investment in power transmission 
projects and , as principal concessionaire with concessions in Brazil and Chile, the 
delevop ment  and management of  photovoltaic and thermoelectric electricity 
generation in Spain and in the  generation and wholesale supply of electricity. 
Post-transaction, CC&I will serve as joint platform to develop and manage energy 
                                                 
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 ( the ‘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 402, 28.11.2019 , p. 23. 

2 transmission infrastru cture projects and renewable energy projects (except for 
wind renewable energy projects), mainly in Chile, Brazil and Spain . 
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 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 application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .