CELEX: 32022M10509
Language: en
Date: 2022-01-31 00:00:00
Title: Commission Decision of 31/01/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10509 - MIRA / OTPP / PGGM / BCI / OMERS / AIMCO / PUGET) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 31.1.2022
                                                               C(2022) 635 final
                                                                              PUBLIC VERSION
                                                               Macquarie Infrastructure and Real
                                                               Assets, Inc.
                                                               125 West 55th Street, Level 15
                                                               New York, NY 10019
                                                               United States of America
                                                               Ontario Teachers’ Pension Plan
                                                               5650 Yonge Street
                                                               Toronto, Ontario M2M 4HS
                                                               Canada
                                                               PGGM Vermogensbeheer B.V.
                                                               Noordweg-Noord 150
                                                               3704 JG Zeist
                                                               Netherlands
                                                               British Columbia Investment Management
                                                               Corporation
                                                               750 Pandora Avenue
                                                               Victoria BC, V8W 0E4
                                                               Canada
                                                               OMERS Administration Corporation
                                                               900 – 100 Adelaide St West
                                                               Toronto, Ontario, M5H 0E2
                                                               Canada
                                                               Alberta Investment Management
                                                               Corporation
                                                               1600, 10250 101 Street, Edmonton,
                                                               Alberta, T5J 3P4
                                                               Canada
Subject:        Case M.10509 – MIRA / OTPP / PGGM / BCI / OMERS / AIMCO /
                PUGET
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
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---               (EC) No 139/20041 and Article 57 of the Agreement on the European
              Economic Area2
Dear Sir or Madam,
1.   On 7 January 2022, the European Commission received notification of a proposed
     concentration pursuant to Article 4 of the Merger Regulation by which the
     undertakings Macquarie Infrastructure and Real Assets, Inc. (“MIRA”, USA),
     belonging to the Macquarie group (Australia), Ontario Teachers’ Pension Plan Board
     (“OTPP”, Canada), PGGM Vermogensbeheer B.V. (“PGGM”, the Netherlands),
     British Columbia Investment Management Corporation (“BCI”, Canada), OMERS
     Administration Corporation (“OMERS”, Canada), Alberta Investment Management
     Corporation (“AIMCo”, Canada) acquire within the meaning of Article 3(1)(b) and
     3(4) of the Merger Regulation joint control over the whole of the undertaking Puget
     Holdings LLC (“Puget”, USA) by way of purchase of shares.3
2.   The business activities of the undertakings concerned are:
          for MIRA: it is a full-service asset manager, providing investment solutions to
           clients across a range of capabilities, including infrastructure, renewables, real
           estate, agriculture, transportation finance, equities, fixed income, private credit,
           and multi-asset solutions,
          for OTPP: it is concerned with the administration of pension benefits and the
           investment of pension plan assets on behalf of active and retired teachers in the
           Canadian province of Ontario,
          for PGGM: it is a Dutch pension administrator specialised in the administration of
           collective pensions,
          for BCI: it is an agent of the Government of British Columbia investing on behalf
           of public sector clients across a range of asset classes, including fixed income,
           public equities, private equity, infrastructure, renewable resources, real estate and
           commercial mortgages,
          for OMERS: it administers the pension plans for employees of municipal
           governments, school boards, libraries, police and fire departments, children's aid
           societies, and other local agencies across the province of Ontario,
          for AIMCo: it manages investments, various provincial public pensions and
           endowments, and certain other entities designated by the Minister of Finance for
           the Province of Alberta,
          for Puget: it is active in electricity generation through hydroelectric, coal, natural
           gas/oil, wind and other resources, as well as transmission and distribution,
           exclusively in the United States. It is also active in the distribution of natural gas.
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 25, 18.01.2022, p. 19.
                                                         2
 ---pagebreak--- 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(a) 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.
                                              3