32017M8390

EUROPEAN COMMISSION

Brussels, 1.3.2017

C(2017) 1539 final

PUBLIC VERSION

To the notifying parties:

Subject:Case M.8390 – PSPIB / TIAA / VANTAGE
Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 1 and Article 57 of the Agreement on the European Economic Area 2

Dear Sir or Madam,

1.On 06 February 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Public Sector Pension Investment Board (‘PSPIB’, Canada) and Teachers Insurance and Annuity Association of America (‘TIAA’, USA) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the undertaking Vantage Data Centers Holding Company (‘Vantage’, USA) by way of purchase of shares. 3

2.The business activities of the undertakings concerned are:

-for PSPIB: managing pension investment of the pension plans of the Canadian Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. It manages a diversified global portfolio including stocks, bonds and other fixed-income securities as well as investments in private equity, real estate, infrastructure, natural resources and private debt,

-for TIAA: providing investment products and services to those who work in the academic, research, medical and cultural fields in the USA. TIAA’s products and services include, among others, retirement plans, banking, brokerage and trust services, life-insurance and real-estate asset management,

-for Vantage: owning and operating five fully leased data centres across two campuses in (i) Santa Clara, California; and (ii) Quincy, Washington, US, for a total capacity of approximately 56 MW.

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

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)
Johannes LAITENBERGER
Director-General

Choose the experimental features you want to try