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,  17.1.2020  
C(2020 ) 345 final  
PUBLIC VERSION  
To the notifying party  
Subject : Case M. 9670 – APMC  GROUP / GSEZ CARGO PORTS / GSEZ 
MINERAL PORT / TIPSP / ARISE  
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 5 December 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which  A.P. Møller 
Capital P/S (‘APMC’, Denmark)  acquire s within the meaning of Articles 3(1)(b) and 
3(4) of the Merger Regulation joint control of four project companies  with 
concessions to bu ild or operate port terminals in West Africa  by way of purchase of 
shares3 as explained in more detail as follows . APMC will acquire along with Caisse 
des Dépôts et Consignation du Gabon (‘CDCG’, Gabon) joint control  over Gabon 
Special Economic Zone Ports S.A. ("GSEZ Cargo Ports"),  APMC will acquire along 
with Meridiam (Meridiam, France) joint control  over Gabon Special Economic Zone 
Mineral Port S.A. ("GSEZ Mineral Port") , APMC will acquire along with Meridiam 
joint control over Arise Mauritania S.A. ("Arise") , APMC will acquire along with 
SNEDAI Groupe (‘SNEDAI’, I vory Coast)  joint control over Terminal Industriel 
Polyvalent de San Pedro S.A. ("TIPSP") . 
2. The business activities of the undertakings concerned are:  
 APMC: fund management company founded in  2017 managing funds focussing 
on infrastructure in growth markets. It is an affiliate in A.P. Møller Holding, a 
major shareholder in A.P. Møller -Maersk A/S (APMM) group, an integrated 
transport and logistics company headquartered in Denmark.  
                                                 
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 425 , 18.12.2019, p. 54. 

2  Meridiam: int ernational investment group headquartered in Paris active in the 
development, financing and management of essential infrastructure projects in 
Europ e, Canada and the United States.  
 CDCG: financial institution, active in investment and lending in the p ublic  
financial sector in Gabon.  
 SNEDAI: an Ivory Coast company that mainly works in information and 
communications technology, energy, transportatio n, real estate and public works.  
 GSEZ Cargo Ports: a company operating a cargo terminal and logistics business 
in Owendo, Libreville, Gabon. Post -transaction, GSEZ Cargo Ports will be 
indirectly  jointly controlled by APMC and  CDCG.  
 GSEZ Mineral Port: a Gabonese incorporated company operating a mineral 
terminal in Owendo, Libreville, Gabon.  Post-Transaction, GSEZ Min eral Port 
will be indirectly jointly controlled by APMC and Meridiam.  
 Arise: a company  which holds a concession to build and operate a cargo port at  
Port Autonome de Nouakchott, Mauritania.  Post-transaction, Arise will be 
indirectly jointly controlled by APMC and Meridiam.  
 TIPSP : a company which holds a concession to build and operate a bulk terminal 
in San Pedro, Ivory Coast. Post -transaction, TIPSP will be indirectly jointly 
controlled by APMC and SNEDAI.  
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  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .