Macquarie Group Acquisition of Maple Infra Investment Manager

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.12368 - MACQUARIE GROUP / LA CAISSE / MAPLE

SECTION 4 Description of the concentration

The notified transaction concerns the proposed acquisition by MAIF 4 Investments India 2 Pte. Ltd. ("MAIF4 India 2") of a jointly controlling interest in the investment manager and project manager, Maple Infra InvIT Investment Manager Private Limited ("Maple IM") and Maple Highway Project Management Private Limited ("Maple PM") of Maple Infrastructure Trust ("Maple Trust", together with Maple IM and Maple PM, "Maple") and the proposed acquisition of up to 37.5% of the units in Maple Trust (the "Proposed Transaction"). Following the Proposed Transaction, MAIF4 India 2 will jointly control Maple together with CDPQ Infrastructures Asia III Inc. ("CDPQ Asia III"), within the meaning of Article 3(1)(b) EUMR. The undertakings concerned are:

• MAIF4 India 2, a Singapore-incorporated vehicle, ultimately controlled by Macquarie
  Group Limited ("Macquarie"). MAIF4 India 2 has no operations, assets or revenue. Macquarie is a diversified financial services group headquartered in Australia.

• CDPQ Asia III, a Canada-incorporated investment vehicle, is ultimately controlled by
  Caisse de dépôt et de placement du Québec ("La Caisse"). CDPQ Asia III is focused on investments in Asia. La Caisse is a long-term institutional investor headquartered in Québec, Canada.

• Maple, registered in India, is currently ultimately controlled by La Caisse. Maple owns
  and operates road concessions in India through special purpose vehicles, and has no activities in the EEA. The Proposed Transaction will be implemented through share purchase agreements with respect to Maple IM and Maple PM, and a unit purchase agreement with respect to Maple Trust.

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