CELEX: 32015M7626
Language: en
Date: 2015-06-19 00:00:00
Title: Commission Decision of 19/06/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7626 - CPPIB / BOREALIS / GICSI / ABP) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 19.6.2015
                                        C(2015) 4279 final

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                                        To the notifying parties

Dear Sirs,

Subject:    Case M.7626 – CPPIB / BOREALIS / GICSI / ABP
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 22.05.2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger  Regulation  by
    which the undertaking Canada Pension Plan Investment Board ('CPPIB', Canada), together  with  the  current  parents  Borealis  International
    Investment Corporation ('Borealis', Canada), and Cheyne Walk Investment Pte Ltd, a nominated investment vehicle of GIC  Special  Investments
    Pte Ltd ('GICSI', Singapore) ultimately controlled by the Ministry of Finance of Singapore, acquires within the meaning of  Article  3(1)(b)
    of the  Merger Regulation joint control of the undertaking ABP Limited ('ABP', Jersey) by way of purchase of shares. [3]

 2. The business activities of the undertakings concerned are:

      -     for CPPIB: professional investment management organisation that invests the assets  of  the  Canada  Pension  Plan  (CPP)  in  public
           equities, private equities, bonds, private debt, real estate, infrastructure, agriculture and other areas.

      -     for Borealis group: worldwide infrastructure investor and the exclusive infrastructure manager for OMERS  Administration  Corporation
           (OMERS). OMERS administers one of Canada’s leading pension funds and manages a diversified global portfolio of stocks  and  bonds  as
           well as real estate, infrastructure and private equity investments.

      -     for GICSI: management of a diversified global portfolio of investments in private equity, venture capital and  infrastructure  funds,
           as well as direct investments in private companies for the government of Singapore.

      -     for ABP (formerly Associated British Ports Holdings PLC, UK): ownership and operation of a number of UK ports. It undertakes UK  port
           operations and the provision of related services, including stevedoring activities, to ship and cargo owners and other port users.

 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)
                                        Alexander ITALIANER
                                        Director-General

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[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 179, 2.6.2015, p. 10.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE