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, 18.09.2020  
C(2020 ) 6526 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9879  –  APG / NPS / JMI / BRISA  
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 25 August 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which  APG Asset 
Managemen t N.V. (“APG”, The Netherlands) , National Pension Service of the 
Republic of Korea (“NPS”, Republic of Korea) and José de Mello – Investimentos, 
SGPS, SA (“JMI”, Portugal) acquire within the meaning of Article 3(1)(b) and 3(4) of 
the Merger Regulation joint control of the whole of Brisa – Auto -Estradas de Portugal, 
S.A. (“Brisa” , ”the JV”) , Portugal ). The concentration is accomplished by way of 
purchase of shares.3 
2. The business activities of the undertakings concerned are:  
 for APG:  as a wholly owned asset man agement subsidiary of the APG Group, 
APG is investing funds on behalf of APG Group’s Dutch pension fund in various 
industries, such as energy and utilities, telecommunications and transport 
infrastructure.  
 for NPS: As a reserve fund established to finance and execute the National 
Pension Scheme of the Republic of Korea, NPS is manag ing funds and actively 
invest ing in various industries, such as transport infrastructure, on behalf of its 
clients.  
                                                 
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 ‘Communi ty’ 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 291, 2.9.2020 , p. 5. 

2  for JMI: As a who lly owned subsidiary of the JM Group (Portugal), JMI is 
holding investments in various economic sectors, in particular private healthcare 
services, road infrastructure and chemical industry mainly in Portugal.  
 for the JV : construction, maintenance and opera tion of motorway concessions, 
provision of support services to motorway concessions, mobility payment 
services, technologies for mobility and vehicle services in Portugal.  
3. After examination of the notification, the European Commission has concluded that 
the concentration  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 Noti ce 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 .