Brussels, 16 March 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of the OFTO Business by Diamond Transmission UK Limited (‘DTUK’) and Infrared Partners Limited (‘IRCP’), all of the UK.
The OFTO Business is an electricity transmission network for the Hornsea Two offshore windfarm, located in the North Sea in the UK. DTUK is ultimately controlled by Mitsubishi Corporation of Japan, a global trading company with activities related to energy, metals, machinery, chemicals, food and general merchandise. IRCP is an investment management company focused on infrastructure assets and also active in the provision of financial advice. IRPC is controlled by Sun Life Financial Inc. Group, a financial services company providing insurance, wealth and asset management solutions.
The Commission concluded that the proposed acquisition would raise no competition concerns, because the OFTO Business has has no actual and 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.11003.
Source – EU Commission