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,  8.2.2022  
C(2022 ) 889 final  
PUBLIC VERSION  
AustralianSuper                                              
Level 30, 130 Lonsdale Street  
Melbourne, VIC 3000  
Australia  
 
CPP Investments  
One Queen Street East  
Suite 2500, Toronto, ON – M5C 2W5  
Canada  
 
Transurban Holdings Limited  
Level 31, Tower Five, Collins Square, 727  
Collins Street, Docklands                    
Victoria 3008, Australia  
 
Tawreed Investments Limited             
PO Box 709, Willow House  
Cricket Square   
Grand Cayman KY1 -1107          
Cayman Islands  
 
Subject : Case M. 10555  – ADIA / TRANSURBAN / AUSTRALIANSUPER / CPP 
INVESTMENTS / WCX  
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 January 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which  
AustralianSuper Pty Ltd (“AustralianSuper”, Australia), Canada Pension Plan 
Investment Board (“CPP Investments”, Canada),  Transurban Holdings Limited 
(“Transurban”, Australia), and Tawreed Investments Limited (“Tawreed”, Cayman 
                                                 
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 ’). 

2 Islands), ultimately controlled by Abu Dhabi Investment Authority (“ADIA”, UAE),  
acquire within th e meaning of Article 3(1)(b) of the Merger Regulation joint control 
over the whole o f WestConnex (“WCX”, Australia) . The concentration is 
accomplished by way of contract or any other means.3 
2. The business activities of the undertakings concerned are:  
 for Tawreed: investment company that manages a global investment portfolio and 
focusses on infrastructures assets,  
 for AustralianSuper: industry public offer superannuation and pension fund,  
 for Transurban: toll road operator that manages and develops urb an toll road 
networks in Australia, Canada and the United States,  
 for CPP Investments: investment management organisation,  
 for WCX: development, maintenance, operation and marketing of toll roads in 
Australia.  
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) 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  
 
                                                 
3      Publication in the Official Journal of the European Union No C 31, 21.01.2022, p. 8  
4  OJ C 366, 14.12.2013, p. 5 .