Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 18.6.2021 
C(2021)  4621 final 
PUBLIC VERSION 
Liberty Global PLC  
Griffin House, 161 Hammersmith Road,   W6 8BS  - London 
United Kingdom  
 Colony Capital, Inc.  515 South Flower Street 44
th Floor   
CA 90071 –  Los Angeles  
United States of America  
Subject : Case M.10241 -  COLONY CAPITAL / LIBERTY GLOBAL / JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 May 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Colony Capital, 
Inc. ( “Colony Capital”, USA), and Liberty Global plc ( “Liberty Global”, UK )  acquire 
within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation joint control 
over the whole of  Liberty Property HoldCo II S.à.r.l.  ("the JV", Luxembourg)  by way of 
purchase of shares  in a newly created company constituting a joint ventu re.3 
2. The business activities of the undertakings concerned are:  
− for Colony Capital : management  of a global portfolio composed of, amongst 
other, investments in digital infrastructure, including macro cell towers, data 
centres, small cell networks and fibre  networks , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 205, 31.05.2021 , p.7. 

2 − for Liberty Global : operation of cable networks offering televi sion, broadband 
Internet, fixed -line voice telephony and mobile t elecommunications services in 
several EU Member States,  
— for the JV : acqui sition , development  and commercialisation  of technical real 
estate for the provision of colocation services in the United Kingdom and the 
EEA . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5 (c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
  (Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.