EC clears creation of wind farm company VTRM Energia Participações by Brazil's Votorantim and Canada Pension Plan Investment Board

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EC clears creation of wind farm company VTRM Energia Participações by Brazil's Votorantim and Canada Pension Plan Investment Board

February 14, 2018 - 04:14
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BRUSSELS, Feb. 13, 2018 (Press Release) -The European Commission has approved, under the EU Merger Regulation, the proposed creation of a company jointly controlled by Votorantim of Brazil and the Canada Pension Plan Investment Board of Canada. The newly created joint venture, VTRM Energia Participações, will operate wind farms in Brazil. As part of the proposed concentration, Votorantim and the Canada Pension Plan Investment Board will also jointly acquire Ventos do Araripe III, which operates wind farms in Brazil, and will transfer its assets to the joint venture. Votorantim is active in a variety of business sectors including, among others, cement and concrete, mining and metallurgy, pulp and paper, chemical and electricity. The Canada Pension Plan Investment Board is an investment management organisation that invests in public equities, private equities, real estate, infrastructure and fixed income instruments. The Commission concluded that the proposed transaction would raise no competition concerns as the joint venture has no actual or foreseen activities within the European Economic Area. The transaction was examined under the simplified merger review procedure.