CELEX: 32017M8575
Language: en
Date: 2017-08-08 00:00:00
Title: Commission Decision of 08/08/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8575 - OTPP / AIMCO / BOREALIS / KIA / LCY) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 8.8.2017
                                                                C(2017) 5674 final
                                                                        PUBLIC VERSION
                                                                  To the notifying parties:
Subject:        Case M.8575 - OTPP / AIMCO / BOREALIS / KIA / LCY
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
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                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 13 July 2017, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertakings
        Ontario Teachers' Pension Plan Board ("OTPP", Canada), Alberta Investment Management
        Corporation ("AIMCo", Canada), Borealis European Holdings ("Borealis", The
        Netherlands), and Kuwait Investment Authority ("KIA", Kuwait) acquire within the
        meaning of Article 3(1)(b) of the Merger Regulation each joint control of the London City
        Airport ("LCY", UK), by way of amending the shareholders agreement relating to LCY.3
2.      The business activities of the undertakings concerned are:
        −     for OTPP: administration of pension benefits and the investment of pension plan assets
              on behalf of approximately 318,000 active and retired teachers in the Canadian
              province of Ontario.
        −     for AIMCo: institutional investment manager.
        −     for Borealis: exclusive infrastructure manager for the Ontario Municipal Employees
              Retirement System Administration Corporation (OMERS) and owned by OMERS
              which manages a diversified global portfolio of stocks and bonds as well as real estate,
              infrastructure and private equity investments for over 470,000 members and retirees
              on behalf of approximately 1000 employers across Ontario, Canada.
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 234, 20.07.2017, p. 13.
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---    −    for KIA: global investor, with investments in all main geographical areas and asset
        classes, covering equities, fixed income, treasury, private equity and property.
   −    for LCY: commercial airport in the City of London.
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(c) 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)
                                                    Johannes LAITENBERGER
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
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