The European Commission said on August 23 that the EC has approved, under the EU Merger Regulation, the acquisition of Stena Renewable AB, of Sweden, by Stena Sphere and AMF Pensionförsäkring AB (“AMF”), both of Sweden, and Kommunal Landspensjonskasse gjensidig forsikringsselskap (“KLP”) of Norway.
Stena Renewable is engaged in the business of wind power production and owns, directly and indirectly through subsidiaries, certain onshore wind parks as well as certain assets and rights to develop, construct and operate new onshore wind parks in Sweden.
Prior to the transaction, the Commission explained, Stena Sphere, whose activities mainly relate to shipping, indirectly controlled Stena Renewable. AMF is a life insurance company providing pensions to individuals and companies. KLP is active in the provision of pension, insurance, banking and financial services.
The Commission said the EC concluded that the proposed acquisition would not raise competition concerns, because it would not result in any overlaps. The transaction was examined under the simplified merger review procedure.