On Wednesday 7 June, the European Commission announced that, following a simplified merger review procedure, it had authorised the acquisition under joint control (joint venture) of three companies in Singapore, Taiwan and the Philippines, which will be active in the solar power generation market.
The joint ventures will be set up by the Singapore subsidiary of Germany’s IB vogt GmbH; IB vogt Pte. Ltd, Acen Corporation and Acen Renewables International Pte. Ltd. These two Acen subsidiaries are ultimately controlled by the Ayala Group holding company.
The merger is carried out through the purchase of shares in a newly created company constituting joint undertakings. These joint ventures will provide investment platforms to develop, build, own and operate solar renewable energy projects in the Asia-Pacific region.
The Commission concluded that the proposed acquisition would not give rise to any competition concerns in the relevant market, as the joint ventures have only limited activities in the European Economic Area.
Link to the case in the European Commission’s register: https://aeur.eu/f/7ao (Original version in French by Émilie Vanderhulst)