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, 7.9.2022  
C(2022 ) 6543 final  
PUBLIC VERSION  
Global Infrastructure Management, 
LLC  
1345 Avenue of the Americas,  
30th Floor   
10105 New York, New York  
United States of America  
 
Azure Vista C 2020 S.à.r.l.  
51 Boulevard Royal  
L-2449 Luxembourg  
Luxembourg  
 
OMERS Infrastructure European 
Holdings B.V.  
Muiderstraat 9 U  
1011 PZ Amsterdam  
The Netherlands  
Subject : Case M. 10867 – GIP / AZURE / OMERS / VTG   
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 12 August 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which  Global 
Infrastructure  Partners funds (“GIP”, United States of America ) controlled by Global 
Infrastructure Management, LLC (United States of America ), Azure Vista C 2020 
S.à.r.l. (“Azure”, Luxembourg ) /controlled by Abu Dhabi Investment Authority 
(“ADIA”, Abu Dhabi)  and OMERS Administration Corporation (“OAC”, Canada)  
acquire  within the meaning of Article 3(1)(b) and 3(4) of the Merger Regul ation  joint 
                                                 
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 ’). 

 
 
 control of VTG Aktiengesellschaft (“VTG”, Germany ). The concentration is 
accomplished by way of  purchase of shares . 3 
2. The business activities of the undertakings concerned  are the following : 
 GIP is a global independent infrastructure fund manager founded in 2006. GIP’s 
funds invest in equity and equity -related investments in infrastructure and 
infrastructure -related assets in the transportation, energy, water and other public 
service sectors , 
 Azure is focused on infrastructure investments a nd owns several minority 
shareholdings primarily in Europe,  
 OAC is the administrator of the Ontario Municipal Employees Retirement System 
Primary Pension Plan and administers pensions for active, deferred and retired 
employees of municipalities, school boa rds, libraries, police and fire departments 
and other local agencies in Ontario, Canada , 
 VTG is an international wagon hire and rail logistics company structured into 
three main business divisions: railcar leasing, rails logistics and tank containers. 
VTG provides transportation solutions for a full range of cargo including liquids, 
gases, steel, wood and paper products as well as coal, stone, soil and automotive 
goods.  
3. After examination of the notification, the European Commission has concluded that 
the no tified 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 Not ice 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  
 
                                                 
3  Publication in the Official Journal of the European Union No C 319, 23.8.2022 , p. 10. 
4  OJ C 366, 14.12.2013, p. 5 .