The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over FHH (Guernsey) Ltd by Brookfield Renewable UK Hydro Ltd.
Brookfiled is ultimately controlled by Brookfield Asset Management Inc. of Canada and IP Karugamo Holdings (UK) Limited, ultimately controlled by Engie S.A. of France.
FHHGL owns and operates two pumped storage electricity assets in the UK and is active in the wholesale supply of electricity. It is currently jointly controlled by Engie and Mitsui Power Ventures Limited.
Brookfield is a global asset manager whose portfolio is focused on property, renewable power, infrastructure and private equity. Engie is a global player active across the entire energy value chain in the fields of gas, electricity and energy services.
The Commission has concluded that the proposed acquisition would raise no competition concerns given the very limited overlap between the companies' activities. The transaction was examined under the simplified merger review procedure.
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