CELEX: 32020M10005
Language: en
Date: 2020-12-11 00:00:00
Title: Commission Decision of 11/12/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.10005 - CPPIB / SIXTH STREET / CLARA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 11.12.2020
                                                                C(2020) 9202 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.10005 – CPPIB/SIXTH STREET/CLARA
                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 13 November 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Canada
        Pension Plan Investment Board (“CPPIB”, Canada) and Sixth Street Partners, LLC
        (“Sixth Street”, USA) acquire within the meaning of Article 3(1)(b) and 3(4) of the
        Merger Regulation joint control of a newly created company constituting a joint
        venture Clara-Pensions Group Limited (“Clara”, UK) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             CPPIB is a professional investment management organisation based in Canada,
             Sixth Street is a global investment firm that operates eight diversified,
              collaborative investment platforms in growth investing, adjacencies, direct
              lending, fundamental public strategies, infrastructure, special situations,
              agriculture and liquid credit, with offices in the US, UK, Luxembourg, China and
              Australia;
             Clara is a commercial consolidator of defined benefit pension schemes in the UK.
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 398, 23.11.2020, p. 17.
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--- 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(b) 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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