CELEX: 32021M10428
Language: en
Date: 2021-10-22 00:00:00
Title: Commission Decision of 22/10/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10428 - CDPQ / OTPPB / CMLIC) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 22.10.2021
                                                                C(2021) 7702 final
                                                                                 PUBLIC VERSION
                                                                Caisse de dépôt et placement du
                                                                Québec
                                                                Édifice Jacques-Parizeau 1000
                                                                place Jean-Paul-Riopelle
                                                                H2Z 2B3 – Montréal, Québec
                                                                Canada
                                                                Ontario Teachers’ Pension Plan Board
                                                                5650 Yonge Street
                                                                M2M 4H5 Toronto, Ontario
                                                                Canada
Subject:        Case M.10428 – CDPQ / OTPPB / CMLIC
                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 30 September 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Caisse de
        dépôt et placement du Québec (‘CDPQ’, Canada) and Ontario Teachers’ Pension Plan
        Board (‘OTPP’, Canada) acquire within the meaning of Article 3(1)(b) of the Merger
        Regulation joint control over the whole of Columbian Mutual Life Insurance
        Company (‘CMLIC’, US) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
        −     CDPQ is a long-term institutional investor managing funds primarily for public
              and para-public pension and insurance plans headquartered in Québec City. It
              invests these funds in major financial markets, private equity, fixed income,
              infrastructure and real estate,
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 411, 11.10.2021, p. 4.
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---    −   OTPP is concerned with the administration of pension benefits and the investment
       of pension plan assets on behalf of approximately 331,000 active and retired
       teachers in the Canadian province of Ontario,
   −   CMLIC is a US-only provider of individual life insurance.
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.
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