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: 30/08/2023

In electronic form on the EUR-Lex website under document number 32023M11047

EUROPEAN COMMISSION

Brussels, 30.8.2023 C(2023) 5964 final

PUBLIC VERSION

Eurazeo SE 1, Rue Georges Berger 75017 Paris France

British Columbia Investment Management Corporation 750 Pandora Avenue BC V8W 0E4 Victoria Canada

Preservation Capital Partners Limited 25 Golden Square W1F 9LU London United Kingdom

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

2Economic Area

Dear Sir or Madam,

1.1. On 4 August 2023, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Eurazeo SE (“Eurazeo”, France), British Columbia Investment Management Corporation (“BCI”, Canada) and Preservation Capital Partners Limited (“PCP”, United Kingdom), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of BMS Investment Holding Company Limited (“BMS”, United Kingdom), currently jointly controlled by BCI and PCP, by way of purchase of shares.

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 282, 11.8.2023, p. 18.

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111

2. The business activities of the undertakings concerned are the following:

− Eurazeo is a listed investment company headquartered in Paris, France active in private equity, private debt and real assets,

− BCI is an institutional investor based in Canada that invests across a range of asset classes, including fixed income, public equities, private equity, infrastructure, renewable resources, real estate and commercial mortgages,

− PCP is a private equity firm specialising in investing in market leading businesses that operate within the high growth financial tech and services sector,

− BMS is a UK-based insurance broker that distributes specialty non-life insurance and reinsurance products to professional clients.

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 5(c) 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

4OJ C 366, 14.12.2013, p. 5 (the ‘Notice on a simplified procedure’).

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