The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Porterbrook Holdings I Limited (‘Porterbrook’) of the UK by Allianz Infrastructure Luxembourg I Sarl of Luxembourg (‘Allianz Infrastructure’), Alberta Investment Management Corporation (‘AIMCo’) of Canada and Ulfstead Bidco Limited, jointly controlled by funds managed by Dalmore Capital Limited (‘Dalmore’) of the UK and Generation Capital Ltd (‘Generation’) of Israel.
Porterbrook is active in the supply of all types of railway rolling stock and associated equipment to British passenger train operating and freight companies.
Allianz Infrastructure is a company ultimately controlled by Allianz Capital Partners GmbH of Germany (‘Allianz Capital‘). Allianz Capital is the Allianz group’s in-house investment manager for alternative investments, focusing on direct investments, renewable energy and indirect investments in private equity.
AIMCo is Canada’s largest and most diversified institutional investment fund manager, investing globally on behalf of its clients, various pension, endowment and government funds in the Province of Alberta.
Dalmore is an independent fund management company focusing on investments in lower risk opportunities for institutional investors in the infrastructure sector in the UK.
Generation is a fund that focuses its investments in the infrastructure and energy sectors.
The Commission concluded that the proposed acquisition would raise no competition concerns because Porterbook has no actual or foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10443.