Prior notification of a concentration (Case M.11305 – APG / PLATINUM COMPASS / INA / PT RAFFLESIA) – Candidate case for simplified procedure
Date: 2023-10-06
Institutions: Directorate-General for Competition, European Commission
Subjects: economic concentration, investment company, land transport, merger control, service, transport infrastructure








C_202300151EN.000101.fmx.xml












Official Journal of the European Union


EN
Series C













C/2023/151


6.10.2023






Prior notification of a concentration
(Case M.11305 – APG / PLATINUM COMPASS / INA / PT RAFFLESIA)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2023/151)


1.   
On 26 September 2023, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


APG Asset Management N.V. (‘APG’, Netherlands), controlled by Stichting Pensioenfonds ABP,










—


Platinum Compass B 2018 RSC Limited (‘Platinum Compass’, United Arab Emirates), controlled by Abu Dhabi Investment Authority (‘ADIA’),










—


The Indonesia Investment Authority (‘INA’, Indonesia), controlled by The Government of Indonesia,










—


PT Rafflesia Investasi Indonesia (‘PT Rafflesia’, Indonesia), currently controlled by INA.




APG, Platinum Compass and INA will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of PT Rafflesia.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


APG is the manager of APG Infrastructure Pool 2020-2021, a mutual fund which focuses on investments in infrastructure,










—


Platinum Compass is focused on infrastructure investments and owns a number of minority shareholdings. Platinum Compass’ parent company, ADIA, is a public institution established by the Emirate of Abu Dhabi in 1976 as an independent investment institution,










—


INA is Indonesia’s sovereign wealth fund, granted with a vast and full authority to conduct investment activities and making investment decisions independently.






3.   

The business activities of the undertaking PT Rafflesia are the following: PT Rafflesia is dedicated to the investment, management, operation and maintenance and optimisation of toll road assets and/or companies in Indonesia. PT Rafflesia currently owns and controls two toll road concessions in Indonesia, namely PT Semesta Marga Raya and PT Pejagan Pemalang Tol Road.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.11305 – APG / PLATINUM COMPASS / INA / PT RAFFLESIA
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: mailto:COMP-MERGER-REGISTRY@ec.europa.eu
Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2023/151/oj
ISSN 1977-091X (electronic edition)