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, 07.10.2020  
C(2020 ) 7009 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9955 – PSP / AVIVA / 20 STATION ROAD  
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 September 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which  Public Sector 
Pension Investment Board  (“PSP”, Canada)  and Aviva Plc Group (“Aviva”, United 
Kingdom)  acquire  within the meaning of Article 3(1)(b) of the Merger Regulation  
control of the whole of  20 Station Road  (United Kingdom)  by way of  purchase of 
assets .3 
2. The busine ss activities of the undertakings concerned are:  
 for PSP: the pension investment manager of the pension plans of the Canadian 
Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police 
and the Reserve Force. It manages a diversified glo bal portfolio including stocks, 
bonds and other fixed -income securities as well as investments in private equity, 
real estate, infrastructure, natural resources and credit investments.  
 for Aviva: a UK incorporated listed company operating in the insurance sector. 
Aviva Plc is listed on the main market of the London Stock Exchange. Aviva’s 
group provides a broad range of insurance, savings and investment products 
across 16 countries. Aviva’s group is principally active in the UK, France and 
Canada but also h as operations elsewhere in Europe and Asia.  
 For 20 Station Road : a commercial real estate property situated on 20 Station 
Road in Cambridge, CB1, United Kingdom.  
                                                 
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 316, 24.9. 2020 , p. 23. 

2 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 (c) 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 applic ation 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 .