CELEX: 32019M9296
Language: en
Date: 2019-05-10 00:00:00
Title: Commission Decision of 10/05/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9296 - Cadent Gas Limited / Macquarie Infrastructure and Real Assets (Europe) Limited / CIC Capital Corporation / IPP Investments LP / Dalmore Capital Limited / Alianz Infrastructure Luxembourg I S.à.r.l.) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 10.5.2019
                                                                C(2019) 3697 final
                                                                                      PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9296 – MACQUARIE / CHINA INVESTMENT CORPORATION /
                ALLIANZ / DALMORE / INPP / GAS DISTRIBUTION BUSINESS OF
                NATIONAL GRID
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 10 April 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertakings
        Macquarie Group ("Macquarie", Australia), China Investment Corporation ("CIC", China),
        Allianz SE ("Allianz", Germany), Dalmore Capital Limited ("Dalmore", UK) and
        International Public Partnerships Limited ("INPP", UK), acquire within the meaning of
        Article 3(1)(b) of the Merger Regulation joint control over the whole of the undertaking
        Gas distribution business of National Grid ("Cadent", UK) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             Macquarie is a global provider of banking, financial, advisory, investment and fund
              management services. Macquarie controls companies that have activities in the gas
              sector in the UK: (i) Corona Energy, which supplies gas and electricity primarily to
              commercial, industrial and public sector clines in Great Britain ("GB"); (ii) Calon
              Energy, which owns 3 combined cycle gas-fired power stations in GB; and (iii)
              Macquarie Energy Leasing, which is active in the provision and supply of meter assets
              to customers in GB;
             CIC, incorporated in January 2015, specialises in direct investments. CIC has joint
              control over Neptune Energy Group Limited ("Neptune"), which is active in oil and
              gas exploration and production, with a regional focus on the North Sea, North Africa,
              and South-East Asia;
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 141, 17.4.2019, p.5.
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---        Allianz is a global financial services group active in insurance and asset management;
       Dalmore is an independent fund management company focusing on low risk
        opportunities for institutional investors in the UK infrastructure sector;
       INPP is an infrastructure investment company;
       Cadent is comprises four out of the eight regulated gas distribution networks
        ("GDNs") across parts of GB, covering a geographically defined service territory that
        encompasses the East of England, North London, the North West of England and the
        West Midlands. Cadent is currently jointly controlled by Macquarie and National
        Grid.
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(b) 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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