The Commission has approved the proposed acquisition of joint control of Bristol International Airport Limited by OTTP and the Macquarie Group under the EU Merger Regulation.

OTTP (the Ontario Teachers’ Pension Plan) is a Canadian pension fund which has already invested in Birmingham International Airport and has a non-controlling stake in Bristol Airport. The Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. It, too, already has a stake in Bristol Airport. Under the proposed merger transaction, OTTP would increase its stake in Bristol Airport, leading to joint control of Bristol Airport between the Macquarie Group and OTTP.

The Commission has decided that the proposed concentration would not be anti-competitive, since the catchment areas for Bristol and Birmingham Airports only overlap slightly and the airports do not, therefore, represent a significant competitive constraint on each other. In addition, there are other alternative airports in the area and airlines do not consider the airports as close substitutes.

IP/09/1910 - 11 December 2009