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, 24.09.2019  
C(2019)  6976 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M. 9523 – MUNICH RE / DIF / GREEN INVESTMENT GROUP / 
COVANTA / DUBLIN WASTE -TO-ENERGY FACILITY 
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 2 September 2019, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which MR 
Infrastructure Investment GmbH (“MRII”, Germany) , a wholly -owned subsidiary of 
Münchner Rückversicherungs -Gesellschaft Aktie ngesellschaf t in München (“ Munich 
Re”, Germany ), DIF Infrastructure V Cooperatief U.A . (“DIF  Infrastructure V ”, the 
Netherlands ), a fund controlled by DIF Management  Holding  B.V. (“DIF”, the 
Netherlands), Green Investment Group Limited (“GIG”, UK), ultimately controll ed by 
the Macquarie Group ( “Macquarie”, Australia) , and Covanta Holding Corporation 
(“Covanta”, USA) acquire, within the meaning of Article s 3(1)(b) and 3(4) of the 
Merger Regulation , joint control of Covanta Europe Assets Limited and its subsidiaries  
(“AssetCo”, UK) by way of purchase of shares .3 AssetCo ultimately holds the waste to 
energy business comprising the Dublin Waste -to-Energy facility (“DWTE”, Ireland) 
and is currently jointly owned and controlled by DIF, GIG and Covanta.  
2. The business activ ities of the undertakings concerned are:  
− MRII holds generally non- controlling, minority interests in various infrastructure 
companies . Munich Re operates primarily in the re insurance and insurance sectors,  
− DIF Infrastructure V is an infrastructure investment fund. DIF is an independent 
fund management company, whose funds invest in high- quality infrastructure assets 
including public -private partnerships, regulated assets, renewable energy projects, 
and core infrastructure projects ,  
                                                 
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 307, 11.9.2019, p.7. 

 
2 − GIG specialises in green infrastructure principal investment, project delivery and 
portfolio assets management and related services. Macquarie is a global diversified 
financial group which provides asset management, banking, financial, advisory and 
risk and capital solutions, as well as investment and fund manag ement services,  
− Covanta is primarily involved in the waste disposal and energy sectors, and its core 
business involves owning and operating infrastructure for the conversion of waste 
to energy , 
− AssetCo and its subsidiaries hold the waste to energy business comprising the 
DWTE  facility  located at Poolbeg in Dublin. DWTE  is active in the disposal of 
waste and electricity  generation and the sale of electricity in Ireland . 
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)  
Cecili o MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.