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, 9.11.2022  
C(2022 ) 8159 final  
PUBLIC VERSION  
Infrared Capital Partners Limited  
Level 7, One Bartholomew Close, Barts 
Square  
EC1A 7BL London  
United Kingdom  
 
Caisse des dépôts et des Consignations  
51, rue de Lille  
75007 Paris  
France  
Subject : Case M. 10882 – IRCP / CDC / ADTIM GROUP  
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 12 October 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which the 
undertakings InfraRed Capital Partners Limited (“IRCP”, UK), ultimately controlled 
by Sun Life Financial Inc (Canada),  and Ca isse des dépôts et consignations (“CDC”, 
France) , will acquire within the meaning of Article s 3(1)(b)  and 3(4)  of the Merger 
Regulation joint control over the whole of the undertaking ADTIM SAS (“ADTIM”, 
France), and its subsidiary ADTIM FTTH SAS (“ADTIM F TTH”, France), (together 
“ADTIM Group”)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 IRCP is a global investment manager;  
                                                 
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 404, 20.10.2022 , p. 37 –38. 

2  CDC is a French public sector financial institution, with a special legal status, 
that fulfils missions of general interest in support of public policies. CDC is 
also active in open -market business activities, mainly in four divisions: (i) 
environment and energy, (ii) real estate, (iii) capital investment and (iv) 
services;  
 ADTI M Group is active in the fibre deployment sector in France. ADTIM 
Group concluded public services delegation agreements to build and operate a 
broadband and ultra -broadband internet network in the French departments of 
Drôme and Ardèche.  
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 .