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, 30.6.2022  
C(2022 ) 4740 final  
PUBLIC VERSION  
Macquarie Infrastructure and Real 
Assets (Europe) Limited  
28 Ropemaker St   
EC2Y 9HD, London  
United K ingdom  
 
British Columbia Investment 
Management Corporation  
750 Pandora Avenue  
V8W 0E4 , Victoria  
Canada  
 
National Grid plc  
1 - 3 Strand  
WC2N 5EH , London  
United K ingdom  
Subject : Case M. 10748 – MACQUARIE  / BCI / NATIONAL GRID / NATIONAL 
GRID GAS  
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 8 June 2022 , the European Commission received notification of a proposed 
concentra tion pursuant to Article 4 of the Merger  Regulation by which the 
undertaking Macquarie Infrastructure and Real Assets (Europe) Limited (‘MIRAEL ’, 
UK), British Columbia Investment Management Corporation  (‘BCI’, Canada ) and the 
National Grid plc  (‘National Grid’, UK) will acquire within the meaning of Article 
3(1)(b)  and 3(4)  of the Merger Regulation joint control over the whole of the 
                                                 
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 undertaking The gas transmission and gas metering businesses of National Grid  
(‘National Grid  Gas’, UK ) by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 MIRAEL, which is part of Macquarie  Group Limited,  a global provider of 
banking, financial, advisory, investment and funds management services , focuses 
on the mana gement of infrastructure and other real assets, including real estate, 
energy and agriculture , 
 BCI is an agent of the Government  of British Columbia in Canada that invests  
across a range of asset classes on behalf of public sector clients i n British 
Columbia,  
 National Grid  owns and operates regulated electricity and gas infrastructure in 
Great Britain and north -eastern United States , 
  National Grid Gas  has two principal business activities: (i) owner and operator of 
the gas  National Transmission Syste m in Great Britain; and (ii) owner and 
operator of a gas metering business, National Grid Metering . 
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 233, 16.06.2022 , p. 36. 
4  OJ C 366, 14.12.2013, p. 5 .