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,  11.5.2020  
C(2020)  3165 final  
PUBLIC VERSION 
To the notifying party 
Subject : Case M. 9840 – M acquarie/F resco  International  
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 16 April  2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking Macquarie European Infrastructure Fund 4 LP (“MEIF 4”) (the United 
Kingdom), ultimately controlled by Macquarie Group Limited (“Macquarie”) 
(Australia)  acquires  within the meaning of Article 3(1)(b) of the Merger Regulation 
control over the undertaking Fresco International S.à.r.l (“Fresco International”) 
(Luxembourg), currently jointly indirectly controlled by Macquarie and Kuwait 
Investment Authority ("KIA") (Kuwait)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for Macquarie: Macquarie is an investment company with interests in a number of 
companies in various industry sectors, including but not limited to interests in 
energy utilities in Europe,  
− for Fresco International: Fresco International is the holding company of the 
Viesgo Group. The Viesgo Group is incorporated in Spain, with interests in an 
electricity distribution network in Spain and electricity generation assets in both  
Spain and Portugal . Fresco International is currently jointly indirectly controlled  
by Macquarie and KIA.  
                                                 
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 132, 23.4.2020, p. 14. 

2 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(d) 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)  
Olivie r GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.