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: 22/02/2024

In electronic form on the EUR-Lex website under document number 32024M11393

EUROPEAN COMMISSION

Brussels, 22.2.2024 C(2024) 1275 final

PUBLIC VERSION

Keppel Ltd. 1 HarbourFront Avenue #02-01 Keppel Bay Tower 098632, Singapore SINGAPORE

Aermont Capital Group SCSp 28 Boulevard Royal L-2449, Luxembourg

Dear Sir or Madam,

(1) On 31 January 2024, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Keppel Ltd. (Singapore, ‘Keppel’), and Aermont Capital Group SCSp (Luxembourg, ‘Aermont Capital Group’), which holds sole control of Aermont Capital S.à.r.l (Luxembourg, ‘Aermont’) pre-transaction, will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Aermont by way of purchase of 3 shares. ( )

(2) The business activities of the undertakings concerned and the joint venture are the following:

– Keppel is a Singapore-incorporated public limited company whose shares are listed on the Singapore Exchange. Keppel is a global asset manager and operator with expertise in sustainability-related solutions in the areas of infrastructure, real estate and connectivity,

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 ( ) OJ C, C/2024/1435, 8.2.2024.

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

– Aermont Capital Group has no other economic activities other than through Aermont. Aermont is a Luxembourg-incorporated, independent asset management group with a focus on real estate and real estate-related investment activities.

(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 (d) of the Commission Notice on a simplified treatment for certain 4 concentrations under Council Regulation (EC) No 139/2004. ()

(4) For the reasons set out in the Notice on a simplified treatment, 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 160, 5.5.2023, p. 1 (the ‘Notice on a simplified treatment’).

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