CELEX: 32022M10675
Language: en
Date: 2022-04-01 00:00:00
Title: Commission Decision of 01/04/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10675 - CDPQ / TRANSURBAN / AUSTRALIANSUPER / CPP INVESTMENTS / ADIA / WCX) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 01.04.2022
                                                               C(2022) 2198 final
                                                                               PUBLIC VERSION
                                                               AustralianSuper
                                                               Level 30, 130 Lonsdale Street
                                                               Melbourne, VIC 3000
                                                               Australia
                                                               CPP Investments
                                                               One Queen Street East
                                                               Suite 2500
                                                               Toronto, ON – M5C 2W5
                                                               Canada
                                                               Transurban Holdings Limited
                                                               Level 31, Tower Five, Collins Square, 727
                                                               Collins Street
                                                               Docklands Victoria 3008
                                                               Australia
                                                               Tawreed Investments Limited
                                                               PO Box 709, Willow House, Cricket
                                                               Square
                                                               Grand Cayman KY1-1107
                                                               Cayman Islands
                                                               CDPQ
                                                               Édifice Jacques-Parizeau,
                                                               1000, Place Jean-Paul-Riopelle
                                                               Montréal, Québec H2Z 2B3
                                                               Canada
Subject:        Case M.10675 – CDPQ / TRANSURBAN / AUSTRALIANSUPER / CPP
                INVESTMENTS / ADIA / WCX
                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
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
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.
 ---pagebreak--- Dear Sir or Madam,
1.   On 9 March 2022, the European Commission received notification of a proposed
     concentration pursuant to Article 4 of the Merger Regulation by which Caisse de
     dépôt et placement du Québec (“CDPQ”, Canada), Transurban Holdings Limited
     (“Transurban”, Australia), AustralianSuper Pty Ltd (“AustralianSuper”, Australia),
     Canada Pension Plan Investment Board (“CPP Investments”, Canada), and Tawreed
     Investments Limited (“Tawreed”, Cayman Islands, controlled by Abu Dhabi
     Investment Authority (“ADIA”, UAE)), will acquire within the meaning of Articles
     3(1)(b) and 3(4) of the Merger Regulation joint control of the whole of WestConnex
     (“WCX”, Australia) by way of contract.3
2.   The business activities of the undertakings concerned are the following:
           CDPQ is a long-term institutional investor that manages funds primarily for
              public and para-public pension and insurance plans in the Province of Québec,
              and primarily invests in infrastructure assets,
           Transurban is a toll road operator company that manages and develops urban
              toll road networks in Australia, Canada and the United States,
           AustralianSuper is Australia’s largest industry public offer superannuation and
              pension fund with global investment activities,
           CPP Investments is an investment management organisation that invests the
              funds transferred to it by the Canada Pension Plan (pension fund), principally
              in public equities, private equities, real estate, infrastructure and fixed in-come
              investments,
           Tawreed owns various infrastructure investments and manages a global
              investment portfolio. ADIA, Tawreed’s parent company, is a government
              entity owned by the Emirate of Abu Dhabi which manages a diversified global
              investment portfolio,
           WCX is engaged in the development, maintenance and operation of toll roads
              in Sydney, New South Wales.
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
     paragraphs 5(a) and 5(b) of the Commission Notice on a simplified procedure for
     treatment of certain concentrations under Council Regulation (EC) No 139/2004.4
     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 122, 17.3.2022, p. 36.
4    OJ C 366, 14.12.2013, p. 5.
                                                         2
 ---pagebreak--- 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)
                                                  Olivier GUERSENT
                                                  Director-General
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