CELEX: 32022M10609
Language: en
Date: 2022-02-25 00:00:00
Title: Commission Decision of 25/02/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10609 - EURAZEO / PSPIB / FST HOTELS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 25.02.2022
                                                                C(2022) 1325 final
                                                                                 PUBLIC VERSION
                                                                Public Sector Pension Investment
                                                                Board
                                                                1250 René-Lévesque Blvd. West
                                                                Suite 1400
                                                                Montréal, Québec, H3B 5E9
                                                                Canada
                                                                Eurazeo SE
                                                                1, rue Georges Berger
                                                                75017 Paris
                                                                France
Subject:        Case M.10609 – EURAZEO / PSPIB / FST HOTELS
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                        1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 21 January 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Public Sector
        Pension Investment Board (“PSPIB”, Canada) and Eurazeo SE (“Eurazeo”, France)
        acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control
        over the whole of FST Hotels, S.L. (“FST”, Spain) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
        −     for PSPIB: the investment manager of the pension plans of the Canadian Federal
              Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the
              Reserve Force. PSPIB manages a diversified global portfolio including stocks,
              bonds and other fixed-income securities as well as investments in private equity,
              real estate, infrastructure, natural resources and credit investments. PSPIB’s
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 56, 03.02.2022, p. 2.
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---        portfolio companies are mainly active in Australia, Asia and North America and
       have a more limited presence in Europe.
   −   for Eurazeo: a listed investment company headquartered in Paris, France, with a
       portfolio of several billions of euros in diversified assets. Eurazeo has three main
       activities: private equity, private debt and real assets. Its portfolio companies are
       mainly active in Europe (mainly in France) and have a more limited presence in
       the rest of the world.
   −   for FST: the operation of hotels in Spain (Barcelona, Cordoba, Madrid and
       Oviedo) under the brand Ayre Hoteles. FST also owns a plot of land in Portugal
       (Porto).
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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