CELEX: 32021M10332
Language: en
Date: 2021-08-11 00:00:00
Title: Commission Decision of 11/08/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10332 - KKR / EQUITIX TETRAGON / TARGET) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 11.08.2021
                                                                 C(2021) 6064 final
                                                                                 PUBLIC VERSION
                                                                 KKR & Co. Inc.
                                                                 30 Hudson Yards
                                                                 New York, NY 10001
                                                                 United States of America
                                                                 Equitix Holdings Limited
                                                                 200 Aldersgate Street
                                                                 London EC1A 4HD
                                                                 United Kingdom
Subject:        Case M.10332 — KKR/Equitix Tetragon/Target
                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
Dear Sir or Madam,
1.      On 19 July 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertaking KKR & Co. Inc. (“KKR”, United States) acquires within the meaning of
        Article 3(1)(b) of the Merger Regulation indirect sole control of the whole of the
        undertaking John Laing Group plc (United Kingdom) and, subsequently, KKR and
        Equitix Holdings Limited (“Equitix”, United Kingdom), controlled by Reade Griffith,
        a UK citizen who controls the Tetragon Financial Group Limited (“Tetragon”, United
        Kingdom), acquire within the meaning of Article 3(1)(b) of the Merger Regulation
        indirect joint control of John Laing Investments Limited (United Kingdom), currently
        controlled by and the main portfolio company of John Laing Group plc (together
        “John Laing”) by way of public bid announced on 19 May 2021 and by way of
        purchase of shares.3
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 299, 27.7.2021, 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--- 2.   The business activities of the undertakings concerned are:
   -   for KKR: KKR is a global investment firm that offers alternative asset management
       and capital markets and insurance solutions. KKR sponsors investment funds that
       invest in private equity, credit and real estate assets and have strategic partners that
       manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and
       reinsurance products under the management of Global Atlantic,
   -   for Equitix: Equitix is an investor, developer and long-term fund manager of core
       infrastructure and energy-efficiency assets. Equitix manages six core infrastructure
       flagship funds, 14 co-investment funds which are dedicated to larger infrastructure
       projects, and a number of segregated managed accounts providing customised
       solutions. Equitix’s investment strategy focuses on core infrastructure projects
       covering a wide range of sectors with a particular focus on social infrastructure,
       transport, utilities and renewable energy. Equitix is ultimately controlled by one
       individual, Reade Griffith, a UK citizen. Mr. Griffith controls Tetragon,
   -   for John Laing: John Laing is a globally-active investor and asset manager,
       principally for public sector projects that require private finance. John Laing invests
       in transport, social infrastructure and renewable energy assets and recently in Core-
       plus businesses, including digital infrastructure. Headquartered in London, John
       Laing has operations in seven countries around the world,
   -   For John Laing Investments Limited: John Laing Investments Limited is a wholly-
       owned subsidiary of John Laing and comprises John Laing’s existing asset portfolio
       of a global and diverse portfolio of infrastructure and renewable assets. It owns and
       controls assets in various industries, including electric power generation plants,
       transmission and distribution and support activities for transportation, and
       construction and management of infrastructure.
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)
                                                       Olivier GUERSENT
                                                       Director-General
4    OJ C 366, 14.12.2013, p. 5.
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