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: 03/05/2017

In electronic form on the EUR-Lex website under document number 32017M8463

EUROPEAN COMMISSION

Brussels, 3.5.2017 C(2017) 3069 final

PUBLIC VERSION

To the notifying parties

Dear Sir or Madam,

1.1. On 03 April 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Canada Pension Plan Investment Board ('CPPIB', Canada) and Public Sector Pension Investment Board ('PSPIB', Canada), will indirectly acquire, by way of purchase of shares, joint control within the meaning of Article 3(1)(b) of the Merger Regulation, of PSPIB Waiheke Inc. ('Waiheke', New Zealand).

2. The business activities of the undertakings concerned are:

-− for CPPIB: investing the funds of the Canada Pension Plan and is based in Toronto. CPPIB principally invests in public equities, private equities, real estate, infrastructure and fixed income investments;

-− for PSPIB: investing of net contributions to the pension funds of the 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, and investments in private equity, real estate, infrastructure, natural resources and private debt;

-− for Waiheke: managing a diversified portfolio of office and retail properties in New Zealand. Waiheke is currently fully owned and solely controlled by PSPIB.

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').

3Publication in the Official Journal of the European Union No C 111, 08.04.2017, p. 16.

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.

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) and (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) Johannes LAITENBERGER Director-General

4OJ C 366, 14.12.2013, p. 5.

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