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, 22.10.2021  
C(2021) 7702 final  
PUBLIC VERSION 
Caisse de d épôt et placement du 
Québec 
Édifice Jacques -Parizeau 1000  
place Jean -Paul-Riopelle   
H2Z 2B3 –  Montréal, Québec  
Canada  
 Ontario Teachers’ Pension Plan Board  
5650 Yonge Street  
M2M 4H5  Toronto, Ontario  
Canada  
Subject : Case M. 10428 – CDPQ / OTPPB / CMLIC  
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 30 September 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Caisse de 
dépôt et placement du Québec (‘CDPQ’, Canada)  and Ontario Teachers’ Pension Plan 
Board (‘OTPP’, Canada) acquire within the meaning of Article 3(1)(b) of the Merger 
Regulation joint control over the whole of Columbian Mutual Life Insurance 
Company (‘CMLIC’, US) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− CDPQ is a long -term institutional investor managing funds primarily for public 
and para -public pension and insurance plans headquartered in Québec City. It 
invests these funds in major financial markets, private equity, fixed income, infrastructure  and real estate,  
                                                 
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 411, 11.10.2021, p. 4.  

2 − OTPP is concerned with the administration of pension benefits and the investment 
of pension plan assets on behalf of approximately 331,000 active and retired 
teachers in the Canadian province of Ontario, 
− CMLIC is a US -only provider of ind ividual life insurance . 
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(a ) 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.