CELEX: 32020M9879
Language: en
Date: 2020-09-18 00:00:00
Title: Commission Decision of 18/09/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9879 - APG / NPS / JMI / BRISA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 18.09.2020
                                                                C(2020) 6526 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9879 – APG / NPS / JMI / BRISA
                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 25 August 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which APG Asset
        Management N.V. (“APG”, The Netherlands), National Pension Service of the
        Republic of Korea (“NPS”, Republic of Korea) and José de Mello – Investimentos,
        SGPS, SA (“JMI”, Portugal) acquire within the meaning of Article 3(1)(b) and 3(4) of
        the Merger Regulation joint control of the whole of Brisa – Auto-Estradas de Portugal,
        S.A. (“Brisa”, ”the JV”), Portugal). The concentration is accomplished by way of
        purchase of shares.3
2.      The business activities of the undertakings concerned are:
             for APG: as a wholly owned asset management subsidiary of the APG Group,
              APG is investing funds on behalf of APG Group’s Dutch pension fund in various
              industries, such as energy and utilities, telecommunications and transport
              infrastructure.
             for NPS: As a reserve fund established to finance and execute the National
              Pension Scheme of the Republic of Korea, NPS is managing funds and actively
              investing in various industries, such as transport infrastructure, on behalf of its
              clients.
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 291, 2.9.2020, 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---        for JMI: As a wholly owned subsidiary of the JM Group (Portugal), JMI is
        holding investments in various economic sectors, in particular private healthcare
        services, road infrastructure and chemical industry mainly in Portugal.
       for the JV: construction, maintenance and operation of motorway concessions,
        provision of support services to motorway concessions, mobility payment
        services, technologies for mobility and vehicle services in Portugal.
3. After examination of the notification, the European Commission has concluded that
   the concentration 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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