EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 25/02/2022

In electronic form on the EUR-Lex website under document number 32022M10609

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

Dear Sir or Madam,

1.1. 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.

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.

-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).

3.3. 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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