Prior notification of a concentration (Case M.11535 – APG ASSET MANAGEMENT / STONEPEAK / EUNETWORKS) – Candidate case for simplified procedure
Date: 2024-05-31
Institutions: Directorate-General for Competition, European Commission
Subjects: United Kingdom, economic concentration, investment company, merger control, transmission network








C_202403513EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2024/3513


31.5.2024






Prior notification of a concentration
(Case M.11535 – APG ASSET MANAGEMENT / STONEPEAK / EUNETWORKS)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2024/3513)


1.   
On 22 May 2024, 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 AM’, the Netherlands), ultimately controlled by Stichting Pensioenfonds ABP (‘ABP’)










—


Stonepeak Partners LP (‘Stonepeak’), United States










—


euNetworks, Cayman Islands




APG AM and Stonepeak will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of euNetworks, which is currently under the sole control of Stonepeak.
The concentration is accomplished by way of purchase of shares.


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






—


APG AM is a Dutch asset manager with offices in the Netherlands, Belgium, Hong Kong and the United States, with satellite locations in China and Singapore. APG AM is a subsidiary of ABP, a Dutch public pension fund.










—


Stonepeak is a global alternative investment firm specializing in infrastructure and real assets, headquartered in New York.






3.   

The business activities of the undertaking euNetworks are the following: euNetworks is a European bandwidth infrastructure provider headquartered in the United Kingdom, which owns and operates 17 metropolitan fiber networks, connected with an intercity backbone covering 53 cities in 17 counties.



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.11535 – APG ASSET MANAGEMENT / STONEPEAK / EUNETWORKS
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/2024/3513/oj
ISSN 1977-091X (electronic edition)