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, 08.03.2019  
C(2019 ) 1991 final  
 
To the notifying party:  
Subject : Case M.9267 - KKR / TELEPIZZA  
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 13 February 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which KKR  & Co. Inc . 
(“KKR”, United States of America) acquires  within the meaning of Article 3(1)(b) of the 
Merger Regulation  indirect sole control of the whole of  Telepizza  Group, S.A.  
(“Telepizza”, Spain) by by way of an acquisition of shares via a public tender offer .3 
2. The business activities of the undertakings concerned are:  
 KKR  is a global investment firm, which offers a broad range of alternative asset 
management services to public and private market investors  and provides capital 
markets solutions for the firm, its portfolio companies and other clients.  
 Telepizza  manages a network of fast -food restaurants, operated both through 
proprietary stores and through franchised stores, as well as food delivery services . 4  
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 
                                                 
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 introduc ed 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 67, 20.02.2019 , p. 5. 
4  In 2018, Telepizza and Pizza Hut International, LLC (“Pizza Hut,” part of the YUM! Group) announced a 
strategic deal and master franchise alliance, under which Telepizz a’s network will expand to approximately 
2,560 restaurants in 37 countries, largely concentrated in the Iberian Peninsula, Mexico, and Central a nd 
South America. The Pizza Hut /Telepizza  transaction closed in December 201 8. [S ee case M.9025 ].  
 
PUBLIC VERSION  
2 the Commission Notice on a simplified procedure for treatment of certain concentrations 
under Council Regulation (EC) No 139/2004 .5 
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)  
Johannes LAITENBERGER  
Director -General  
 
                                                 
5  OJ C 366, 14.12.2013, p. 5 .