EUROPEAN COMMISSION  
DG Competition  
 
 
 
 Case M.9396 - CAPMAN / CBRE / NORLED  
 
 
 
 
Only the English text is available and authentic.  
 
 
 
REGULATION (E C) No 139/2004  
MERGER PROCEDURE  
 
 
 
Article 6(1)(b) NON -OPPOSITION  
Date: 16/07/2019  
 
 
 
 
 
 
 
 
In electronic form on the EUR -Lex website under 
document number 32019M9396  

 
 
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, 16.7.2019  
C(2019 ) 5445 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9396  - CAPMAN / CBRE / NORLED  
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 20 May 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  CapMan AIFM 
Oy (“CapMan”, Finland)  and CBRE Caledon Capital Management Inc. (“CBRE”, 
Canada)  acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint 
control of the whole of Norled AS (“Norled”, Norway)  (“the proposed acquisition”) . 
The proposed acquisition  is accomplished by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
- for CapMan : manager of the investment fund CapMan Nordic Infrastructure I 
SCSP  (“CapMan Infra”)  established in Luxembourg. CapMan is part of CapMan  
Group,  a Nordic private assets management and investment company 
headquartered in Helsinki , Finland . 
- for CBRE : controlling the investment fund CBRE Caledon Noah Aggregator LP  
(“CBRE Caledon”)  established in Ontario, Canada. CBRE is an indirect subsidiary 
of CBRE  Group, a commercial real estate services and investment firm, 
headquartered in Los Angeles, US . 
- for Norled : a provider of ferry and express boat services in Norway.  
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 
                                                 
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 219, 1.7.2019 , p. 5. 

 
2 paragraph 5 (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 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)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .