Prior notification of a concentration (Case M.11374 – BUCKLAND / HY24 INVESTOR / ICE) – Candidate case for simplified procedure
Date: 2023-12-15
Institutions: Directorate-General for Competition, European Commission
Subjects: economic concentration, hydrogen production, investment company, merger control, renewable energy, research and development, research infrastructure








C_202301550EN.000101.fmx.xml












Official Journal of the European Union


EN
Series C













C/2023/1550


15.12.2023






Prior notification of a concentration
(Case M.11374 – BUCKLAND / HY24 INVESTOR / ICE)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2023/1550)


1.   
On 5 December 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:






—


Buckland Investment Pte. Ltd. (‘Buckland’, Singapore),










—


Clean H2 Infra Fund S.L.P. (‘Hy24 Investor’, France),










—


InterContinental Energy Holdings Group Limited (‘ICE’, British Virgin Islands).




Buckland and Hy24 Investor will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of ICE.
The concentration is accomplished by way of purchase of shares.


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






—


Buckland, headquartered in Singapore, is managed by GIC Special Investments Pte Ltd (‘GICSI’). GICSI manages a diversified global portfolio of investments in private equity, venture capital and infrastructure, as well as direct investments in private companies,










—


Hy24 Investor is a French alternative investment fund incorporated in the form of a special limited partnership. It focuses on scaling proven hydrogen technologies for mature infrastructure assets,










—


ICE, headquartered in British Virgin Islands, is a technology and project development company focused on intercontinental renewable energy projects, transmission, cables, vessels, and the downstream production of hydrogen and hydrogen-based chemicals with a portfolio of projects across Australia and the Middle East.






3.   
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.


4.   
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.11374 – BUCKLAND / HY24 INVESTOR / ICE
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: 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/2023/1550/oj
ISSN 1977-091X (electronic edition)