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, 31.1.2022  
C(2022 ) 635 final  
PUBLIC VERSION  
Macquarie Infrastructure and Real 
Assets, Inc.  
125 West 55th Street, Level 15  
New York, NY 10019  
United States of America  
 
Ontario Teachers’ Pension Plan  
5650 Yonge Street  
Toronto, Ontario M2M 4HS  
Canada  
 
PGGM Vermogensbeheer B.V.  
Noordweg -Noord 150  
3704 JG Zeist  
Netherlands  
 
British Columbia Investment Management 
Corporation  
750 Pandora Avenue  
Victoria BC, V8W 0E4  
Canada  
 
OMERS Administration Corporation  
900 – 100 Adelaide St West  
Toronto, Ontario, M5H 0E2  
Canada  
 
Alberta Investment Management 
Corporation  
1600, 10250 101 Street, Edmonton, 
Alberta, T5J 3P4  
Canada  
Subject : Case M. 10509  – MIRA / OTPP / PGGM / BCI / OMERS / AIMCO / 
PUGET  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 

2 (EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 7 Janua ry 2022 , the European Commission received notification of a proposed  
concen tration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Macquarie Infrastructure and Real Assets, Inc. (“MIRA”, USA), 
belonging to the Macquarie group (Australia), Ontario Teachers’ Pension Plan Board 
(“OTPP”, Canada), PGGM Vermogensbeheer B.V. (“PGGM”, the Netherlands), 
British Columbia Investment Management Corporation (“BCI”, Canada), OMERS 
Administration Corporation (“OMERS”, Canada), Alberta Investment Management 
Corporation (“AIMCo”, Canada)  acquire within the meaning o f Article 3(1)(b) and 
3(4) of the Merger Regulation joint control over the whole of the undertaking Puget 
Holdings LLC (“Puget”, USA)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for MIRA : it is a full -service a sset manager, providing investment solutions to 
clients across a range of capabilities, including infrastructure, renewables, real 
estate, agriculture, transportation finance, equities, fixed income, private credit, 
and multi -asset solutions,  
 for OTPP:  it is concerned with the administration of pension benefits and the 
investment of pension plan assets on behalf of active and retired teachers in the 
Canadian province of Ontario , 
 for PGGM : it is a Dutch pension administrator specialised in the administration  of 
collective pensions,  
 for BCI:  it is an agent of the Government of British Columbia investing on behalf 
of public sector clients across a range of asset classes, including fixed income, 
public equities, private equity, infrastructure, renewable resource s, real estate and 
commercial mortgages , 
 for OMERS : it administers the pension plans for employees of municipal 
governments, school boards, libraries, police and fire departments, children's aid 
societies, and other local agencies across the province of Ontario,  
 for AIMCo:  it manages investments, various provincial public pensions and 
endowments, and certain other entities designated by the Minister of Finance for 
the Province of Alberta,  
 for Puget:  it is active in  electricity generation through hydroele ctric, coal, natural 
gas/oil, wind and other resources, as well as transmission and  distribution, 
exclusively in the United States. It is also active in the distribution of natural gas . 
                                                 
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 N o C 25, 18.01.2022 , p. 19. 
3 3. After ex amination 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 th e 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 applic ation 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 .