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: 30/06/2021

In electronic form on the EUR-Lex website under document number 32021M10315

EUROPEAN COMMISSION

Brussels, 30.6.2021 C(2021) 5007 final

PUBLIC VERSION

British Columbia Investment Management Corporation 750 Pandora Ave Victoria, British Columbia, V8W 0E4 Canada

Stichting Pensioenfonds ABP Coriovallumstraat 46 6411 CD Heerlen The Netherlands

BTG Pactual Timberland Investment Group, LLC 1180 Peachtree Street NE, Suite 1810 Atlanta, GA 30309 United States of America

1(EC) No 139/2004and Article 57 of the Agreement on the European Economic Area

Dear Sir or Madam,

1.1. On 04 June 2021, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which British Columbia Investment Management Corporation (‘BCI’, Canada), Stichting Pensioenfonds ABP (‘ABP’, the Netherlands), Timberland Investment Group, LLC (‘TIG’), controlled by Banco BTG Pactual S.A. (‘BTG Pactual’, Brazil), acquire, through their respective interests in BTG Pactual Inversiones Forestales Fondo de Inversión (‘Newco’, Chile), assets comprising approximately 80,000 hectares of timberlands in the Chilean regions of Maule, Araucanía and Los Lagos (the ‘Target’, Chile). BCI, ABP and TIG acquire joint control of the whole of the Target within the

1OJ 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.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

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.

meaning of Article 3(1)(b) and 3(4) of the Merger Regulation. The concentration is accomplished by way of purchase of assets and the creation of Newco to acquire and

exploit those assets.

2. The business activities of the undertakings concerned are:

- BCI: investor across a range of asset classes, including fixed income, public equities, private equity, infrastructure, renewable resources, real estate and commercial mortgages.

- ABP: pension fund for government and education employees in the Netherlands.

- TIG: timberland investments management organisation.

- Newco: a new Chilean public investment fund jointly controlled by BCI, APB and TIG, created for the purpose of acquiring and exploiting the Target.

- Target: the Target comprises 80,000 hectares of timberlands in the Chilean regions of Maule, Araucanía and Los Lagos.

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(a) of the Commission Notice on a simplified procedure for treatment of

certain concentrations under Council Regulation (EC) No 139/2004.

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

3Publication in the Official Journal of the European Union No C 236, 18.6.2021, p. 10.

4OJ C 366, 14.12.2013, p. 5.

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