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, 10.5.2019  
C(2019 ) 3697 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M .9296  – MACQUARIE  / CHINA INVESTMENT CORPORATION / 
ALLIANZ / DALMORE / INPP / GAS DISTRIBUTION BUSINESS OF 
NATIONAL GRID  
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 10 April  2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which the undertakings 
Macquarie Group ("Macquarie", Australia),  China Investment Corporation ("CIC", China), 
Allianz SE ("Allianz", Germany), Dalmore Capital Limited ("Dalmore", UK) and 
Internati onal Public Partnerships Limited ("INPP", UK),  acquire within the meaning of 
Article 3(1)(b) of the Merger Regulation joint control over the whole of the undertaking 
Gas distribution business of National Grid ("Cadent", UK)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Macquarie  is a global provider of banking, financial , advisory, investment and fund  
management services . Macquarie controls companies that have activities in the gas 
sector in the UK: (i) Corona Ene rgy, which supplies gas and electricity primarily to 
commercial, industrial and public sector clines in Great Britain ("GB"); (ii) Calon 
Energy, which owns 3 combined cycle gas -fired power stations in GB; and (iii) 
Macquarie Energy Leasing, which is active  in the provision and supply of meter assets 
to customers in GB;  
 CIC, in corporated in January 2015 , specialise s in direct investments. CIC has joint 
control over Neptune Energy Group Limited ("Neptune "), which is active in oil and 
gas exploration and production , with a regional focus on the North Sea, North Africa, 
and South-East Asia ; 
                                                 
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 introduc ed 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 141, 17.4.2019 , p.5. 

2  Allianz is a global financial services group active in insurance and asset management ; 
 Dalmore is an independent fund management company focusing on low risk 
opportunities for institutional investors in the UK infrastructure sector;  
 INPP is an infrastructure investment company ; 
 Cadent is comprises four out of the eight regulated gas distribution net works 
("GDNs") acro ss parts of GB , covering a geographically defined service territory that 
encompasses the East of England, North London, the North West of England and the 
West Midlands . Cadent is currently jointly controlled by Macquarie and National 
Grid. 
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(b) of 
the Commission Notice on a simplified procedure for treatment of certain co ncentrations 
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)  
Johannes LAITENBERGER  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .