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, 16.11.2022  
C(2022) 8424  final 
PUBLIC VERSION  
Macquarie Asset Holdings Limited  
Ropemaker Place,  
28 Ropemaker Street  
EC2Y 9HD London  
United Kingdom  
 
Aberdeen Infrastructure (Holdco) IV 
B.V.  
Aberdeen Infrastructure (Holdco) IV-A 
B.V 
Zuidplein 166  
1077 XV Amsterdam  
The Netherland s  
 
Arjun Infrastructure Partners Limited  
50, Pall Mall  
SW1Y 5JH London  
United Kingdom  
Subject : Case M.10910 – MACQUARIE / ABERDEEN / AIP / CERTAIN 
MÁSMÓVIL ASSETS  
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 17 October 2022 , the European Commission received notification of a proposed 
conce ntration pursuant to Article 4 of the Merger Regulation  by which : 
 Macquarie Asset Holdings Limited (“Macquarie”, United Kingdom),  
                                                 
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  Aberdeen Infrastructure (Holdco) IV B.V., and Aberdeen Infrastructure (Holdco) 
IV-A B.V. (together “Aberdeen”, the Netherlands) , and 
 Arjun Infrastructure Partners Limited (“AIP”, United Kingdom),  
will acquire within the meaning of Article s 3(1)(b) of the Merger Regulation  joint 
control through Uclés Infraco, S.L. (“Uclés Infraco”, Spain) of a Fibre -to-the-home 
(“FTTH” ) network  in Spain  (“Certain MásMóvil Assets”, Spain) , currently owned by 
MásMóvil Broadband S.A.U, by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 Macquarie is a global investment, banking and financ ial services provider active 
in a diverse range of businesses, including investing in a wide range of sectors 
such as resources and commodities, energy, financial institutions, infrastructure 
and real estate,  
 Aberdeen is an asset manager managing  diversified asset classes namely equities, 
fixed income, property, infrastructure and private equity. It is active across a wide 
range of sectors, including transportation, social infrastructure, waste and water 
treatment and clean energy production netwo rks, 
 AIP is an independent asset management company dedicated to executing and 
managing mid -market infrastructure investments. Through its controlled portfolio 
companies, AIP is active across different sectors including transport (ferry 
operator and moto rway service business), renewable energy (solar platforms, 
offshore and onshore wind, bio -energy plants, water and wastewater companies), 
regulated sectors (integrated power utility and energy distribution) and digital 
infrastructure (fibre),  
 Certain Más Móvil Assets consist of a FTTH network  that will be operated by 
Uclés Infraco with the support of its sister company Pentacom Investments 
(Spain) Opco, S.L.U. (“Onivia”, Spain) (both jointly controlled by Macquarie, 
Aberdeen and AIP) to provide wholesale b roadband internet access services to 
internet service providers so that these can provide in turn retail internet services 
to final costumers. Onivia (together with Uclés Infraco), is a neural infrastructure 
operator active in the provision of wholesale broadband access services in Spain.  
3. After examination of the notification, the European Commission has concluded that 
the notified op eration falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) 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  Regula tion 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 409, 25.10. 2022 , p.17. 
4  OJ C 366, 14.12.2013, p. 5 .