Acquisition of Celeo Concesiones e Inversiones by AGP and Elecnor approved

The European Commission (EC) has approved, under the EU Merger Regulation, the acquisition of Celeo Concesiones e Inversiones S.L. (CC&I) of Spain by Pasterze Investments Holding B.V. (PIH), of the Netherlands (part of the APG Group) and Elecnor S.A. (Elecnor) of Spain.

CC&I, currently part of Elecnor, will serve as a joint platform to develop and manage energy transmission infrastructure projects and renewable energy projects (except for wind renewable energy projects), mainly in Chile, Brazil, and Spain.

PIH is ultimately part of the APG Group N.V., which carries out executive consultancy, asset management, pension administration and communication for pension funds in the field of collective pensions.

Elecnor carries out engineering, construction and services projects in areas including electricity, power generation, gas, telecommunications and railways. Elecnor is also active in wind and solar power generation.

The Commission concluded that the proposed acquisition would raise no competition concerns because APG is not active in the same markets as CC&I. The transaction was examined under the simplified merger review procedure.