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, 11.08.2021  
C(2021 ) 6064 final  
PUBLIC VERSION  
KKR & Co. Inc.  
30 Hudson Yards  
New York, NY 10001  
United States of America  
 
Equitix Holdings Limited  
200 Aldersgate Street  
London EC1A 4HD  
United Kingdom  
Subject : Case M.10332  — KKR /Equitix Tetragon/Target  
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 19 July 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which the 
undertaking KKR & Co. Inc. (“KKR”, United States)  acquire s within the meaning of 
Article 3(1)(b) of the Merger Regulation indirect sole control  of the whole of the 
undertaking John Laing Group plc (United Kingdom)  and, subsequently, KKR and  
Equitix Holdings Limited (“Equitix”, United Kingdom), controlled by Reade Griffith, 
a UK citizen who controls the Tetragon Financial Group Limited (“Tetragon” , United 
Kingdom), acquire within the meaning of Article 3(1)(b) of the Merger Regulation 
indirect joint control  of John Laing Investments Limited (United Kingdom), currently 
controlled by and the main portfolio company of John Laing Group plc  (together 
“John Laing”)  by way of public bid announced on 19 May 2021 and  by way of 
purchase of  shares .3 
                                                 
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 introduc ed 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 299, 27.7.2021 , p. 13. 

2 2. The business activities of the undertakings concerned are:  
- for KKR:  KKR is a global investment firm that offers alternative asset management 
and capital markets an d insurance solutions. KKR sponsors investment funds that 
invest in private equity, credit and real estate assets and have strategic partners that 
manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and 
reinsurance products under the ma nagement of Global Atlantic,  
- for Equitix:  Equitix is an investor, developer and long -term fund manager of core 
infrastructure and energy -efficiency assets. Equitix manages six core infrastructure 
flagship funds, 14 co -investment funds which are dedicated to larger infrastructure 
projects, and a n umber of segregated managed accounts providing customised 
solutions. Equitix’s investment strategy focuses on core infrastructure projects 
covering a wide range of sectors with a particular focus on social infrastructure, 
transport, utilities and renewable  energy. Equitix is ultimately controlled by one 
individual, Reade Griffith, a UK citizen. Mr. Griffith controls Tetragon,  
- for John  Laing:  John Laing is a globally -active investor and asset manager, 
principally for public sector projects that require priva te finance. John Laing invests 
in transport, social infrastructure and renewable energy assets and recently in Core -
plus businesses, including digital infrastructure. Headquartered in London, John 
Laing has operations  in seven countries around the world , 
- For John Laing Investments Limited : John Laing Investments Limited is a wholly -
owned subsidiary of John Laing and comprises John Laing’s existing asset portfolio 
of a global and diverse portfolio of infrastructure and renewable assets. It owns and 
controls assets in various industries, including electric power generation plants, 
transmission and distribution and support activities for transportation, and 
construction and management of infrastructure.  
3. After examination of the notification, the European Commis sion 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 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 .