Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

M.11343 – SUMITOMO / OSAKA GAS / I SQUARED / THINK GAS/ AG&P CITY GAS

SECTION 4

Description of the concentration

The transaction concerns the acquisition of joint control by Sumitomo Corporation (“Sumitomo”), Osaka Gas Co., Ltd. (“Osaka Gas”) and funds managed by I Squared Capital Advisors (US) LLC (“I Squared”) over Think Gas and AG&P City Gas, respectively, (together the “Target Businesses”), two companies active in the operation of city gas distribution (CGD) networks (for the distribution of natural gas fuels for domestic, commercial and industrial applications) in several Indian states (the “Transaction”). Joint control by Sumitomo and Osaka Gas is due to certain strategic minority veto rights.

The Transaction was executed on 25 December 2023, and qualifies as a concentration within the meaning of Articles 3(1)(b) and 3(4) of the EU Merger Regulation.

The primary business activities of the undertakings concerned by the notified concentration are as follows:

•• Sumitomo: headquartered in Japan, Sumitomo is a global trading and investment company. It invests in a range of business activities in Japan and around the world, including trading of metal products, transportation and construction of systems, environment and infrastructure, media and digital products, energy, chemicals and electronics.

•• Osaka Gas: headquartered in Japan, Osaka Gas is an energy company dedicated to development, production, transportation, storage, distribution and retail of and investment regarding oil and natural gas, energy supply, LNG transportation, as well as life & business solutions including development and leasing of real estate properties, information-processing services, sale of fine materials and carbon material products.

•• I Squared: headquartered in the USA, I Squared is a global infrastructure investment fund manager focusing on sectors such as energy, utilities, telecom, healthcare and transport in North America, Europe and other high-growth economies around the world.

•• Think Gas: headquartered in India, Think Gas owns and operates CGD networks in several Indian states.

•• AG&P City Gas: headquartered in India, AG&P City Gas is developing CGD networks in several Indian states.

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