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 -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 15.10.218  
C(2018 ) 6881 final  
 
 
 
 
To the notifying parties:  
 
Subject : Case M. 9109 - OMERS / BCI / AIMCo / PGGM / CPPIB / PUGET 
HOLDINGS  
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 21 September 2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the undertakings  
OMERS Administration Corporation ("OMERS", Canada),  British Columbia Investment 
Management Corporation ("BCI", Canada),  Alberta Investment Management Corporation 
("AIMCo", Canada ), PGGM Vermogensbeheer B.V.  ("PGGM", The Netherlands), 
ultimately controlled by PGGM Cooperatie U.A. (The Netherlands),  and Canada Pension 
Plan Investment Board ("CPPIB", Canada)  acquire , within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation , joint control over the whole of  Puget Holdings LLC 
("Puget", USA)  by way of  purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for OMERS : OMERS acts as the administrator of the  OMERS pension plans and the 
trustee of the pension funds related to the pension plans.  It manages a wide array of 
investments, including in the public equity, fixed income and alternative  investment 
markets of Canada and glob ally; 
 for BCI: BCI is a large institutional investor, investing in fixed income, mortgages, 
public and  private equity, real estate, infrastructure and renewable resources . BCI is an 
agent of the Government of British Columbia in Canada;  
                                                 
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 347, 28.9.2018 , p. 22. 
PUBLIC VERSION  
2  for AIMCo : AIMCo is one of Ca nada’s largest institutional investment fund  managers . 
AIMCo is an agent of HMQ (the legal personification of the Canadian  Province of 
Alberta ); 
 for PGGM : PGGM is subsidiary of PGGM N.V. , a Dutch pension administrator 
specialised in the  administration of c ollective pensions . It manages inter alia  the 
PGGM Infrastructure Fund ; 
 for CPPIB : CPPIB is an investment management organisation that invests the funds 
transferred to it by the Canada Pension Plan Fund . It principally invests in public 
equities, private e quities, real estate, infrastructure  and fixed income investments ; 
 for Puget : Puget conducts substantially all of its operations through Puget Sound 
Energy which is a  regulated utility company providing electric and natural gas services 
in the state of Was hington , United States of America . The  primary business involves 
electricity generation , transmission and distribution, as well as distribut ion of natural 
gas. 
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) 
and (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 No tice 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)  
Johannes LAITENBERGER  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .