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, 20.10.2021  
C(2021 ) 7658 final  
PUBLIC VERSION  
Allianz Infrastructure Luxembourg I 
S.à r.l  
Seidlstraße 24  
80335 – Munich  
Germany  
 
Alberta Investment Management 
Corporation  
1600 10250 101 Street  
Edmonton, Alberta  
Canada  
 
Dalmore Capital Limited  
5th Floor, 33 Cannon Street  
EC4M 5SB – London  
United Kingdom  
 
Generation Capital LTD  
12th Abba Eban Boulevard,  
Building D, Floor 12  
Herzliya  
Israel  
Subject : Case M. 10443  – ALLIANZ CAPITAL / AIMCO / DALMORE / 
GENERATION / PORTERBROOK  
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 22 September  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Allianz 
                                                 
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 Infrastructure Luxembourg I S .à.r.l (“Allianz Infrastructure”, Luxembourg, ultimately 
advised by Allianz Capital Partners GmbH , “Allianz Capital”, Germany ), Alberta 
Investment Management Corporation  (“AIMCo”, Canada) , Ulfstead Bidco Limited 
(controlled by funds managed by Dalmore Capital Limited , “Dalmore”, UK , and 
Generation Capital L TD, “Generation”, Israel) acquire within the me aning of Article 
3(1)(b) and 3(4) of the Merger Regulation joint control of Porterbrook Holdings I 
Limited (“Porterbrook”, UK) . The concentration is accomplished by way of purchase 
of shares .3 
2. The business activities of the undertakings concerned are:  
 For Allianz Capital: Allianz Infrastructure is a wholly -owned subsidiary of 
Allianz SE, advised by Allianz Capital. Allianz Capital is the Allianz group’s in -
house investment manager for alternative investments investing mainly the capital 
of Allianz insurance  companies, focussing its investments on direct investments, 
renewable energy and indirect investments in private equity , 
 For AIMCo: Canada’s largest and most diversified institutional investment fund 
managers, investing globally on behalf of its clients, various pension, endowment 
and government funds in the Province of Alberta, Canada , 
 For Dalmore: independent fund management -company focusing on investments 
in lower risk opportunities for institutional investors in the UK infrastructure 
sector , 
 For Genera tion: investments in the infrastructure and energy sectors , 
 For Porterbrook: supply of all types of railway rolling stock and associated 
equipment to British passenger train -operating companies and freight companies . 
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 398, 1.10.2021, p. 21-22. 
4  OJ C 366, 14.12.2013, p. 5 .