EUROPEAN COMMISSION C(2017) 6988 final To the notifying party: Dear Sir or Madam, Subject:Case M.8536 – Atlantia/Abertis Infraestructuras

Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/2004 and Article 57 of the Agreement on the European Economic Area



Table of Contents 1.THE PARTIES 1.1.Atlantia 1.1.1.Atlantia's activities 1.1.2.Control over Atlantia 1.2.Abertis 1.2.1.Abertis' activities 1.2.2.Control over Areamed 2.THE TRANSACTION

3.EU DIMENSION 4.MARKET DEFINITION 4.1.Toll motorway concessions 4.1.1.The grant of toll motorway concessions 4.1.2.The management of transport infrastructure 4.2.Food services concessions 4.2.1.The grant of food services sub-concessions on motorway service areas 4.2.2.The provision of concession food services on motorway service areas 4.3.The provision of ETS / distribution of on-board equipment 4.3.1.Regulatory framework 4.3.2.Product market definition 4.3.3.Geographic market definition 4.3.4.Conclusion on market definition 4.4.The provision of equipment or services for intelligent transport systems 4.4.1.Regulatory framework 4.4.2.Product market definition 4.4.3.Geographic market definition 4.4.4.Conclusion on market definition 4.5.The construction of infrastructure 4.5.1.Regulatory framework

4.5.2.Product market definition 4.5.3.Geographic market definition 4.5.4.Conclusion on market definition 5.COMPETITIVE ASSESSMENT 5.1.Horizontal effects 5.1.1.The grant of toll motorway concessions 5.1.2.The transport on toll motorways 5.1.3.The provision of concession food services on motorway service areas 5.1.4.The provision of ETS / distribution of OBE 5.1.5.The provision of ITS equipment or services 5.2.Vertical effects 5.2.1.Legal framework 5.2.2.Overview of the vertically affected markets 5.2.3.The grant of food services sub-concessions and the provision of concession food services on motorway service areas 5.2.4.The transport on toll motorways and the provision of ETS / distribution of OBE 5.2.5.The provision of ITS equipment or services and the transport on toll motorways 5.2.6.The provision of ITS equipment or services and the provision of ETS / distribution of OBE 5.2.7.The construction of infrastructure and the transport on toll motorways 5.3.Conglomerate effects 5.3.1.Legal framework

5.3.2.Atlantia's views 5.3.3.Commission's assessment 5.4.Coordinated effects 5.4.1.Atlantia's views 5.4.2.Commission's assessment 5.4.3.Conclusion 6.CONCLUSION



(1)On 08 September 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Atlantia S.p.A. ("Atlantia", Italy) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over Abertis Infraestructuras S.A. ("Abertis"), by way of a public offer announced by Atlantia on 15 May 2017 and authorised on 09 October 2017 (the "Transaction"). Atlantia and Abertis are designated hereinafter as the "Parties". 1.THE PARTIES 1.1.Atlantia 1.1.1.Atlantia's activities (2)Atlantia, a company listed on the Italian Stock Exchange, is a holding company mainly active in the toll motorway concessions and airport infrastructure sectors. (3)With regard to toll motorway management in the EEA, Atlantia is active (i) in Italy, through in particular Autostrade per l'Italia S.p.A ("ASPI"), which manages approximately 3 000 km of toll motorways, and (ii) more marginally in Poland, through Stalexport Autostrada Małopolska S.A., which manages approximately 60 km of toll motorways. (4)In addition, Atlantia operates electronic payment systems, through Telepass S.p.A. ("Telepass"), and is active in the provision of intelligent transport systems, through Autostrade Tech S.p.A. ("Autostrade Tech"). (5)Finally, Atlantia provides construction and maintenance works, through Pavimental S.p.A. ("Pavimental"), and engineering services, through Spea Engineering S.p.A. ("Spea"). Both companies mainly operate on an infra-group basis. 1.1.2.Control over Atlantia 1.1.2.1.Overview of Atlantia's pre- and post-Transaction governance structure Pre-Transaction shareholding structure

(6)With a stake of 30.25% of Atlantia's issued capital, Atlantia's main shareholder is Sintonia S.p.A. ("Sintonia"), a wholly owned subsidiary of Edizione Srl ("Edizione"). Edizione is an Italian holding company belonging to the Benetton family, with equity investments mainly in the following sectors: textiles and clothing, food and beverage, infrastructure and mobility services, real estate and agriculture. In particular, Edizione controls Autogrill S.p.A. ("Autogrill"), which is active in the provision of concession food services to travellers, notably on motorways. (7)Atlantia's other two main shareholders with a stake of more than 5% are (i) InvestCo Italian Holdings ("InvestCo"), also referred to as GIC PTE LTD, an investment company linked to the Singapore Government, holding a stake of 8.14%; and (ii) Fondazione Cassa di Risparmio di Torino ("CRT"), holding a stake of 5.06%. The remaining shares of Atlantia (56.55%) are floating on the stock exchange market. (8)Currently, no shareholders agreement is in place with respect to Atlantia. Post-Transaction shareholding structure (9)Atlantia's offer for the issued share capital of Abertis is based on a full cash consideration for each Abertis share tendered, with the possibility for the shareholders of Abertis to opt, in part or in full, for a Partial Share Alternative ("PSA"). (10)Atlantia's exact shareholding structure post-Transaction will depend on how many of Abertis' shareholders will opt for the PSA. (11)In any case, Edizione will remain the main shareholder post-Transaction, having a stake ranging between [estimation of Edizione's future post-Transaction stake]. InvestCo will hold a stake of between [estimation of InvesCo's future post-Transaction stake] and CRT will hold a stake of between [estimation of CRT's post-Transaction stake]. (12)Fundacion Bancaria Caixa ("Caixa"), Abertis' current main shareholder, may opt for the PSA. In such a case, it would acquire a stake in Atlantia of between [estimation of Caixa's future post-Transaction stake]. (13)According to Atlantia, no shareholders' agreement is expected to be signed post-Transaction. Pre-Transaction governance (14)Atlantia's management and governance are conducted only by the Board of Directors. The procedure for the appointment of Atlantia's Board of Directors is set forth by Article 20 of its Articles of Association, which provides for a voting list mechanism. Lists of Directors can be submitted by shareholders or by the outgoing Board of Directors. (15)The rules governing the appointment of the Board of Directors are as follows: (i) 4/5 of the members are taken, in sequential order, from the list receiving the majority of votes; and (ii) 1/5 of the members is taken from the other lists that are not in any manner connected with the shareholders who submitted or voted the majority list. (16)The Board of Directors currently in charge (15 directors with a three-year mandate) was appointed for the 2016-2018 period at the shareholders' meeting of 21 April 2016. Two lists were submitted: one presented by Atlantia's main shareholder, Edizione, and another presented by a group of asset management companies and other institutional investors representing 2.33% of Atlantia's issued capital. (17)The list presented by Edizione prevailed with 61.6% of the shares attending the meeting, representing 49.3% of the issued capital. The list received notably support from Edizione, InvestCo and CRT. As a consequence, Atlantia's current Board of Directors is composed of 12 members belonging to Edizione's list, including the Chairman and the CEO, and three members belonging to the opposing list. Out of the 12 members of the Board of Directors appointed as part of Edizione's list, five work for Edizione, an additional one (the Chairman) is also Edizione's chairman, and one work for CRT. (18)Atlantia's Board of Directors takes decisions on the basis of the majority of the votes cast. In the event of a tie, the Chairman casts the deciding vote. Post-Transaction governance (19)Similarly to the pre-Transaction situation, Atlantia's management and governance will post-Transaction be conducted by the Board of Directors, according to the current Articles of Association amended by the extraordinary shareholders' meeting held on 2 August 2017. (20)For a limited period of time (i.e. until the next appointment of Atlantia's Board of Directors, in 2019), the number of members of the Board of Directors will be increased by one or three additional members, depending on the level of acceptance of the PSA by Abertis' current shareholders. (21)The first Atlantia's Board of Directors to be appointed post-Transaction, i.e. in 2019, will again be composed of 15 members. Rules of appointment will be partially revised. In substance, while maintaining the voting list method, three lists are envisaged: (i) a "majority list", from which at least nine out of 15 members will be selected; (ii) a "minority list", from which three out of 15 members will be selected; and a (iii) a "significant minority list", from which three out of 15 members will be selected. (22)As to its functioning, Atlantia's Board of Directors will take decisions on the basis of the majority of the votes cast. Neither veto rights, nor other majority or supermajority rules will apply to any Board's decision. No member of the Board of Directors will enjoy a special or preferential position (e.g. casting vote or other prerogatives). Such regime will apply to all Board’s strategic decisions.

1.1.2.2.Atlantia's views (23)Atlantia submits that it should be regarded as a non-controlled company for the purposes of the EU Merger Regulation, notably due to (i) the absence of a shareholders' agreement concerning Atlantia's governance; (ii) the existing possibility of switching majorities in Atlantia's shareholders' meetings; and (iii) the expected […] post-Transaction of Edizione's stake, namely from 30.25%% to [estimation of Edizione's future post-Transaction stake]. 1.1.2.3.Commission's assessment (24)Considering the powers of Atlantia's Board of Directors and pursuant to the Commission Jurisdictional Notice ("CJN"), the issue of control over Atlantia by Edizione amounts to whether Edizione has the power to ensure that its proposed list of Directors will likely obtain the majority of votes. (25)In view of Atlantia's shareholding (30% pre-Transaction and below 30% post-Transaction) and in the absence of specific rights attached to it, Edizione has not pre-Transaction and will not have post-Transaction de jure sole control over Atlantia. (26)In addition, considering the past and expected attendance rates at Atlantia's shareholders' meetings (approximately 80%), the level of Edizione's stake in Atlantia is insufficient to conclude that Edizione will have the absolute majority of the votes at Atlantia's shareholders' meetings. (27)Nevertheless, there are some elements that would point towards Edizione controlling Atlantia on a de facto basis, as referred to in paragraph 59 of the CJN. (28)First, Atlantia's other shareholders are and will remain widely dispersed post-Transaction, with the exception of InvestCo, CRT, and possibly Caixa. InvestCo, which is a financial investor, used to be bound by a shareholders' agreement with Edizione. As to CRT, one of its representatives was appointed by […]. (29)Second, at the three shareholders' meetings having occurred since the expiry of the shareholders' agreement (namely, on 21 April 2016, 21 April 2017 and 2 August 2017), [details on voting patterns]. (30)Third, with its 30% shareholding and even after the end of the shareholders' agreement, Edizione has comfortably obtained the relative majority of the votes enabling it to appoint 12 out of 15 members of Atlantia's Board of Directors. It appears likely, or at least it cannot be excluded, that the same situation will persist post-Transaction. In fact, despite the (limited) dilution of Edizione's votes, Edizione will remain by far Atlantia's largest shareholder and will possibly be able to rely on InvestCo's and CRT's support, as in the recent years (also after the expiry of the shareholders' agreement). 1.1.2.4.Conclusion (31)In view of the above, and considering all evidence available to it, the Commission considers that it cannot be ruled out that Edizione exercises de facto sole control over Atlantia and, therefore, that Atlantia and Autogrill belong to the same group. (32)In any case, for the purpose of this Decision, the question of whether Edizione controls Atlantia can be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market even considering Atlantia, through Autogrill, is active in the markets for the award of food services concessions and for the provision of concession food services (see sections 5.1.3 and 5.2.3 below). 1.2.Abertis 1.2.1.Abertis' activities (33)Abertis, a company listed on the Spanish Stock Exchange, is the parent company of a group operating in the toll roads and telecommunications infrastructure sectors. (34)With regard to toll motorway management in the EEA, Abertis is mainly active in the management of toll motorways in the following countries: (a)in Spain, where it directly manages approximately [50-60]% of the Spanish toll roads, mainly through Acesa (Autopistas, Concesionaria Española, S.A.), Aumar (Autopistas Aumar, S.A. Concesionaria del Estado), Avasa (Autopista Vasco-Aragonesa, Concesionaria Española S.A.), Iberpistas (Ibérica de Autopistas S.A., Concesionaria del Estado), Aucat (Autopistes de Catalunya, S.A.), and Invicat (Infraestructures Viàries de Catalunya, S.A.) among others,

(b)in France, through in particular SANEF (Société des Autoroutes du Nord et de l'Est de la France, S.A.), including SAPN (Société des Autoroutes Paris-Normandie, S.A.), managing more than 1 760 km of toll roads in France (approximately [20-30]% of the French toll motorway network), and (c)to a lesser extent in Italy, through A4 Holding Spa and its controlled concessionaire Autostrada Brescia Verona Vicenza Padova S.p.A, managing 235 km of toll motorway in Italy (approximately [0-5]% of the Italian toll motorway network). (35)Abertis also operates electronic payment systems, through Bip&Go SAS ("Bip&Go"), Bip&Drive S.A. ("Bip&Drive") and Eurotoll SAS ("Eurotoll"), and intelligent transport systems, through Emovis SAS ("Emovis") and A4 Mobility Srl ("A4 Mobility"). 1.2.2.Control over Areamed (36)Abertis owns a 50% stake in Areamed 2000 S.A. ("Areamed"), a joint venture with Areas S.A. ("Areas"), a subsidiary of Elior Group active in the provision of concession food services on motorways. 1.2.2.1.Overview of Areamed's activities and governance structure (37)Areas has been managing the service areas in some of the motorways managed by Abertis since 1969 in accordance with certain agreements. Areas and Abertis [details concerning Areas and Abertis business relationships]. (38)[details concerning Areas and Abertis business relationships], Areas and Abertis created in 1999 Areamed as a joint venture with each holding 50% participation. They assigned to Areamed [details concerning the JV obligations and number of facilities managed] until the expiry of Abertis concession contract in 2021. (39)Following such assignment, Areamed is active in the management of motorway service areas. However, Areamed [details concerning the JV future business intentions]. (40)According to the agreement between Areas and Abertis on the creation of Areamed, Areas is responsible for the day-to-day management of all service areas assigned to Areamed in accordance with the contract signed by both parties. 1.2.2.2.Atlantia's views (41)Atlantia submits that Abertis cannot be considered as being active in concession food services, since Abertis is not involved in the operational management of Areamed's activities related to concession food services. 1.2.2.3.Commission's assessment (42)Even though Abertis is not involved in the day-to-day management of the service areas falling within the scope of Areamed, it is able to exercise a decisive influence over Areamed and to determine its strategic commercial decisions. Those decisions are likely to include the entrusting or sub-contracting of motorway services (e.g. food, fuel, retail services) to Areas or third parties. (43)Therefore, there are indications that Abertis jointly controls Areamed together with Areas, including from an operational point of view, and has notably the ability to influence the activities entrusted by Areamed to Areas or third parties. As a consequence, Abertis could be considered as being active in the management of food services sub-concessions and the provision of concession food services to drivers, although indirectly (through its joint control over Areamed's activities in the management of motorway service areas, including of food services concessions). 1.2.2.4.Conclusion (44)In view of the above, and considering all evidence available to it, the Commission considers that it cannot be excluded that Abertis jointly controls Areamed, exercising a decisive influence over strategic decisions concerning its operations, including on the concession food services provided by Areas on motorway service areas managed by Areamed. (45)In any case, for the purpose of this Decision, the question of whether Abertis jointly controls Areamed's operations related, directly or indirectly, to concession food services can be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market even considering Abertis as active, through Areamed, on the market for the provision of concession food services (see sections 5.1.3 and 5.2.3 below). 2.THE TRANSACTION

(46)On 15 May 2017, Atlantia published with the Spanish Comisión Nacional del Mercado de Valores ("CNMV") the first announcement of a voluntary public tender offer in cash and stock on the entire issued share capital of Abertis. (47)Pursuant to the prospectus setting out the detailed terms and features of the offer published on 09 October 2017, (i) the offer is conditional upon a minimum level of overall acceptance of 50% + 1 Abertis' total issued shares; and (ii) considering Abertis' rules of governance, the offer may lead to a change of control over Abertis. (48)Thus, the Transaction, pursuant to which Atlantia would acquire sole control over Abertis, constitutes a concentration within the meaning of Article 3(1)(b) of the Merger Regulation. 3.EU DIMENSION (49)The undertakings concerned have a combined aggregate world-wide turnover of more than EUR 5 000 million (Atlantia: EUR […]; Abertis: EUR […]). Each of them has an EU-wide turnover in excess of EUR 250 million (Atlantia: EUR […]; Abertis: EUR […]), but they do not achieve more than two-thirds of their aggregate EU-wide turnover within one and the same Member State. (50)The Transaction therefore has an EU dimension according to Article 1(2) of the Merger Regulation. 4.MARKET DEFINITION (51)Atlantia and Abertis are both integrated toll motorway concessionaires active in the EEA, notably in Italy, Spain, France and Poland, and worldwide. As a consequence, the Transaction mainly relates to (i) toll motorway concessions, as well as the provision of services ancillary to the operation of toll motorway facilities, related to (ii) concession food services, (iii) electronic toll systems ("ETS"), (iv) intelligent transport systems ("ITS"), and (v) construction. 4.1.Toll motorway concessions (52)In its prior decision practice regarding infrastructure services provided by licensed operators (e.g. airport services, rail services, water supply and sewerage services), the Commission has held that competition essentially takes place (i) at the time where the license is granted by the public authorities (competition for the market); and (ii) whenever a licensed operator is subject to competition from substitutable alternatives (competition in the market). Therefore, the Commission has distinguished between the granting of a licence for the exploitation of a particular State-regulated infrastructure and the running of that particular infrastructure. (53)The Commission has applied such an approach to toll motorways and has defined two distinct markets: the market for the grant (or award) of toll motorway concessions and the market for the transport on toll motorways. 4.1.1.The grant of toll motorway concessions 4.1.1.1.Regulatory framework (54)This section describes the rules applicable to the grant of toll motorway concessions by public authorities, as determined by EU law or the law of EEA countries in which Atlantia or Abertis holds toll motorway concessions. At EU level (55)The grant of high value concession contracts in the EU is governed by Directive 2014/23/EU (the "Concessions Directive"). Considering the investments required for the operation of a toll motorway concession, the award of toll motorway concessions in the EU is likely to fall within the scope of the Concessions Directive. (56)The Concessions Directive establishes rules on the procedures for procurement by contracting authorities and contracting entities by means of a concession, which aim at ensuring non-discrimination, fair access to markets and EU-wide competition for high-value concessions. In particular, they provide for the mandatory publication at EU level of a concession notice, including a description of the concession and the conditions of participating in the concession award procedure, thus preventing the direct award of concession contracts without transparent competition. (57)The EU Member States had to transpose the Concessions Directive into their national legislation by 18 April 2016. In Italy (58)Pursuant to the transposition of the Concession Directive by legislative decree No. 50/2016 (the "Code"), toll motorway concessions are to be awarded pursuant to public tender procedure, on the basis of provisions consistent with those set out in the Concessions Directive.

In Spain (59)Pending the transposition in the Spanish legal order of the Concessions Directive, the grant of toll motorway concessions in Spain relies on Royal Legislative Decree 3/2011 (the "Public Sector Contracts Act"). The latter defines the principles for the award of public contracts, including toll motorway concessions, aimed at safeguarding competition, such as transparency, equality of access to tenders and equal treatment without discrimination. In France (60)The Concessions Directive was implemented into French law by Ordinance No. 2016-65 (the "Concessions Ordinance") and Decree No. 2016-86 (the "Concessions Decree"). In particular, concessions, notably for toll motorways, shall be awarded following a tender procedure, based on equality of treatment, absence of discrimination, transparency and proportionality. In Poland (61)The Act on concession contracts for construction works or services (the new "Concessions Act") implements the provisions of the Concessions Directive into Polish law and requires granting authorities to carry out concession award procedures ensuring fair competition and equal treatment of economic operators, in line with proportionality and transparency rules. 4.1.1.2.Product market definition Atlantia's views (62)Atlantia considers that the relevant product market should be defined as the market for the grant of toll motorways concessions. Commission's assessment (63)In its prior decision practice, the Commission has defined the market for the grant of toll motorway concessions as consisting in the economic activity where supply is represented by the public administration and demand by undertakings or consortia of undertakings with an interest in acquiring the right to operate the toll motorway concessions. (64)The majority of the respondents to the market investigation having expressed an opinion agree with the definition established by the Commission in its practice. They notably insist on (i) the role of the State (or any other public authority or entity) as the owner of motorway infrastructure and, as such, as the grantor of motorway concessions, and (ii) the application of open competitive procedures for the selection of the grantees of motorway concessions. (65)Some respondents also refer to the existence of a secondary market for toll motorway concessions, which Atlantia defines as the transfer of ownership and control over existing concessionaires. (66)The Commission notes that secondary transactions (i.e. the sale of concession holders by their shareholders and their acquisition by new shareholders) present some key differences from primary transactions, since (i) the public authority is in general not at the initiative of secondary transactions and, as a consequence, (ii) secondary transactions are not subject to the same regulatory framework (i.e. in the EEA, the Concessions Directive, as transposed into national laws). (67)Nevertheless, the Commission acknowledges that there is some degree of competition for the acquisition of existing concessionaires, which may involve companies also active in the market for the grant of toll motorway concessions by public authorities. (68)Therefore, while it is not necessary to decide on whether secondary sales represent a market, which would be distinct from the grant of motorway concessions, the Commission will also take account of the level of competition between Atlantia and Abertis at the time of secondary sales to assess the effects of the Transaction on the market for the grant of motorway concessions. 4.1.1.3.Geographic market definition Atlantia's views (69)Atlantia considers that the market for the grant of toll motorway concessions could be regarded as having a worldwide dimension. Commission's assessment

(70)In its prior decision practice, the Commission has left open the question of the geographic scope of the market for the grant of toll motorway concessions. While results of prior market investigations pointed to an at least EEA-wide market, the Commission did not exclude the possibility of delineating national markets. (71)In order to determine whether the market for the grant of toll motorway concessions is national or wider than national, in particular EEA-wide, the Commission has assessed the homogeneity of the conditions of competition across the EEA. (72)The Commission notes that the share of toll motorways managed by the Parties as well as the competitive landscape in the countries where they are present vary significantly from one EEA country to another. In particular, Atlantia is principally active in Italy, where it manages [50-60]% of the toll motorway network (in km), while Abertis manages only [0-5]% of the Italian toll motorway network. Conversely, in Spain, Abertis manages [40-50]% of the Spanish toll motorway network (in km) and its principal competitor is the Spanish group Itínere Infraestructuras ("Itinere"). In France, where Abertis manages [10-20]% of the toll motorway network (in km), the leading motorway concessionaire is the French group Vinci. (73)Nevertheless, the strength of domestic operators might be linked to the "weight from the past", and be the result of the privatisation process of previously State-owned motorway companies, which had been directly entrusted with the management of toll motorways. (74)The discrepancies in the Parties' and their competitors' market shares would thus not necessarily indicate that the conditions of competition for the grant of toll motorway concessions are currently heterogeneous in the EEA. (75)In particular, the implementation of the Concessions Directive since 2016 has contributed to harmonising the rules for the award of motorway concessions at EEA level, thus to creating a level playing field in the EEA and overcoming existing barriers to an EEA-wide market for the grant of toll motorway concessions. This was confirmed by respondents to the market investigation having expressed an opinion, which, in their majority, consider that, from a regulatory point of view, the conditions of competition are homogeneous in the EEA (i.e. the rules for the grant of toll motorway concessions are similar in all EEA countries). (76)However, the views of respondents to the market investigation are split with regard to the homogeneity of the conditions of competition (i) from an economic or financial point of view (i.e. whether the levels of remuneration of motorway concessionaires are similar in all EEA countries or vary significantly from one EEA country to another), (ii) from the point of view of the works / services included in the motorway concession (i.e. whether the works / services, e.g. management of the toll motorway and management of service areas, requested from motorway concessionaires by the conceding authorities, are similar in all EEA countries or vary significantly from one EEA country to another), and (iii) from the point of view of the duration of the motorway concession, which would significantly vary (e.g. from 20 to 75 years). (77)In addition, the market investigation is inconclusive as to whether, in the EEA, it is common for a non-domestic company to be granted a toll motorway concession (i.e. whether the toll motorway concession is commonly granted to a company established in a country different from the country of the toll motorway). Large concessionaires confirm that they are active EEA-wide, if not worldwide. Furthermore, international consortia are frequent. Nevertheless, some respondents point to the fact that the participation of a domestic company in a consortium is a competitive advantage, thanks notably to a better knowledge of the local market conditions. (78)Overall, there is no clear consensus among respondents to the market investigation having expressed an opinion as to whether (i) the conditions of competition for being granted a toll motorway concession are significantly different between EEA countries; or (ii) the conditions of competition for being granted a toll motorway concession are homogeneous in the EEA but different between the EEA and other parts of the world (e.g. Americas); or (iii) the conditions of competition for being granted a toll motorway concession are homogeneous in the EEA and worldwide. 4.1.1.4.Conclusion on market definition (79)In view of the above, the Commission considers that the market for the grant of motorway concessions is a relevant product market. For the purpose of this Decision, the question of whether secondary sales of motorway concessionaires constitute another relevant product market may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market on that plausible product market. (80)In view of the above, there are indications that the market for the grant of toll motorway concessions is likely to be EEA-wide. However, for the purpose of this Decision, the question of whether the market for the grant of toll motorway concessions is national, EEA-wide or world-wide may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible geographic market definition. 4.1.2.The management of transport infrastructure 4.1.2.1.Product market definition Atlantia's views (81)Atlantia submits that the relevant market should be defined to include the management of all transport infrastructure which can be considered substitutable from the user perspective on a particular route, i.e. roads other than toll motorways, railways as well as, in limited cases, airplanes. Commission's assessment (82)In its prior decision practice, the Commission has considered a market for the transport on toll motorways, also corresponding to the management of motorway concessions, and consisting in the provision of speedy and secure road transport infrastructure between various geographical points (routes). (83)The Commission has left open the question of whether alternative means of transport are in the same market as toll motorways, indicating that the existence and extent of inter-modal competition have to be assessed on a route-by-route basis. (84)Most respondents to the market investigation having expressed an opinion indicate that users of a toll motorway on a specific route (from a point of origin to a point of destination) consider the other transport modes available on that route (i.e. transport by car or bus on roads other than toll motorways, transport by rail, in limited cases transport by air) as substitutable with the use of the toll motorway.

(85)Nevertheless, they acknowledge that the substitutability and competitiveness of the alternative modes of transport depend on a number of factors, such as the distance, travel duration and time, costs, type (business or leisure) and reasons of the trip, and convenience. 4.1.2.2.Geographic market definition Atlantia's views (86)Atlantia agrees on the point-to-point definition applied by the Commission in its prior decision practice. Commission's assessment (87)In its prior decision practice, the Commission has defined transport on toll motorways according to the Origin & Destination ("O&D") method, whereby every combination of a point of origin and a point of destination is considered a distinct market from the demand side. (88)The market investigation has not raised elements that would justify deviating from the Commission's prior decision practice. 4.1.2.3.Conclusion on market definition (89)For the purpose of this Decision, the question of whether the provision of transport services on toll motorways is to be distinguished from the other transport modes may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible product market definition. (90)Considering that the Parties do not offer transport infrastructure services other than on toll motorways or toll roads, the Commission will assess the effects on the Transaction on the narrower product market, i.e. the provision of transport infrastructure services on toll motorways. (91)As to the geographic market definition, for the purpose of this Decision, every combination of a point of origin and a point of destination will be considered as constituting a distinct market. 4.2.Food services concessions (92)In its prior decision practice relating to concession food services, the Commission has mainly analysed the competitive dynamics at the time of the award of food services concessions (competition for the market). (93)Considering that Atlantia (through Autogrill) and Abertis (through Areamed) may be subject to the competitive constraint exerted by other providers of conceded services (food services or retail), the Commission has assessed whether, in relation to concession food services, competition in the market should also be analysed. For that purpose, and by analogy with the approach taken for toll motorway concessions (see section 4.1.2 above), the Commission has considered the definition of two distinct markets: (i) the grant (or award) of food services sub-concessions on motorway service areas, and (ii) the provision of food services on motorway service areas. 4.2.1.The grant of food services sub-concessions on motorway service areas 4.2.1.1.Regulatory framework (94)This section describes the rules applicable to the grant of food services sub-concessions by toll motorway concessionaires, as determined by EU law or the laws of EEA countries in which Abertis holds toll motorway concessions. At EU level (95)The Concessions Directive does not provide for a specific legal regime applicable to the granting of sub-concessions by concessionaires. In Italy

(96)The procedures for the award of all services provided in motorways service areas by motorway concessionaires are subject to the specific regime set forth in Law No. 498/92 (as amended), which notably requires that ANAS approves the schemes of the invitation to tender. (97)Furthermore, ASPI convention [details over the convention between ASPI and ANAS]. (98)Finally, in 2000, the Italian competition authority (Autorità Garante della Concorrenza e del Mercato, "AGCM") scrutinised the acquisition of control of ASPI by Edizione. In that framework, it imposed certain commitments concerning the award of food service concessions on ASPI's motorway network, in order to neutralise a possible strengthening of Autogrill's dominant position on the Italian market for the supply of food services on motorways. The decision notably requires that (i) ASPI fully tenders out the supply of food services on its network, (ii) the tendering procedure is entrusted to an independent body, and (iii) the share of outlets entrusted to Autogrill by Atlantia does not exceed 72%. Those commitments, which have no time limit, still apply to Atlantia and would still apply post-Transaction, unless they are revised following a change in the factual or legal situation on which the AGCM decision was based. In Spain (99)According to Law 37/2015 on roads (the "Road Act"), sub-concessions for motorway service areas shall be awarded to the most economically advantageous tender following a tender procedure, which shall be approved by the Ministry of Public Works and Transport. In France (100)Law No 2015-990 for the economic growth, activity and equal economic opportunities regulates the procedure for the grant of sub-contracts for the building, operation and maintenance of the ancillary facilities of motorway concessions. In particular, it provides for an appropriate publicity to ensure a competitive process and requires that the grantee is approved by the administrative authority, upon opinion of the French rail and road regulatory body (Autorité de régulation des activités ferroviaires et routières, "ARAFER"). 4.2.1.2.Product market definition Atlantia's views (101)Atlantia considers that the relevant product market should be defined as the market for concession food services, covering the award of food services concessions and the provision of concession food services. Commission's assessment (102)In its prior decision practice, when assessing competition at the time of the award of food services concessions (competition for the market), the Commission has identified a market for concession food services distinct from contract food services, consisting in the outsourcing or the provision of food service requirements to the public in travel- and retail-related locations and leisure venues. (103)The Commission has further considered whether the market for food services concessions should be divided according to the type of activity primarily carried out in the areas where concession food services are provided (e.g. travel, retail, sports or leisure). Within food services concessions in travel-related locations, the Commission has considered a further sub-division according to the type of locations or venues (e.g. airports, railway stations, motorway service areas). (104)Conversely, the Commission has considered whether concession food services provided on motorway service areas are part of a broader market for services ancillary to the operation of toll motorway facilities, also including gas sales or hotel accommodation. (105)A majority of respondents to the market investigation having expressed an opinion confirms that the grant of sub-concessions for commercial ancillary facilities located on motorway service areas (such as food services / restaurants, gas stations, retail stores, hotels or parking areas) could be defined as an economic activity where supply is represented by the motorway concessionaire (managing the toll motorway concession) and demand by undertakings or consortia of undertakings with an interest in acquiring the sub-concessions for commercial ancillary facilities on the motorway services areas. (106)The results of the market investigation are not sufficiently clear to conclude on the segmentation of the market for the grant of sub-concessions by type of services offered (e.g. food services, gas stations). Indeed, the views of respondents having expressed an opinion are split as to (i) whether motorway concessionaires grant different sub-concessions for the different services to be offered on motorway service areas; and (ii) whether companies competing for the grant of sub-concessions for one type of services (e.g. food services) differ from the companies competing for the grant of sub-concessions for another type of services (e.g. gas stations). (107)Likewise, the market investigation does not lead to a clear-cut outcome as to (i) the possible distinction between the grant of food services between travel-related and non-travel related locations; or (ii) the possible further distinction, within travel-related locations, between motorway services areas and other locations or venues. (108)On point (i), the views of market respondents having expressed an opinion differ as to whether companies competing for the grant of sub-concessions (i.e. for the management of restaurants) located on travel-related locations are different from those competing for sub-concessions (i.e. for the management of restaurants) located on non-travel related locations (e.g. leisure, sports or retail venues such as museums, cinemas, stadiums, shopping centres). (109)On point (ii), there are indications that companies competing for the grant of sub-concessions (i.e. for the management of restaurants) located on motorway service areas are the same as the companies competing for the grant of sub-concessions (i.e. for the management of restaurants) located on other travel-related locations (e.g. other roadsides, airports, railway stations, ferries). In particular, large food services providers, like Autogrill, are active at different travel-related locations, such as motorways, airports and train stations. Nevertheless, as the views of respondents to the market investigation diverge, no definitive conclusion can be reached on that matter. 4.2.1.3.Geographic market definition

Atlantia's views (110)Atlantia considers that the market for concession foodservices may be considered at least national in scope, but it is likely to be wider. Commission's assessment (111)In its prior decision practice regarding food services concessions, the Commission has initially considered that the market for concession food services is national in scope, before considering it as possibly wider than national. With regard to a neighbouring market, i.e. the market for the award of concessions for travel retail services at airports, the Commission has found some indications that the market could be at least EEA-wide in scope. (112)As for toll motorway concessions, it is not possible, at this stage, to conclude firmly on the precise geographic scope of the market for the grant of food services sub-concessions. (113)Indeed, the shares of food services concessions managed by Autogrill vary significantly from an EEA Member State to another. Autogrill remains notably strong in Italy, where it achieves a market share of [50-60]% in revenues. (114)However, the progressive implementation in the national laws of EEA countries of requirements for motorway concessionaires to grant sub-concessions following a transparent competitive procedure as well as the internationalisation of food services concessionaires point towards the definition of an EEA-wide or worldwide geographic market. (115)Finally, the results of the market investigation are inconclusive. In particular, respondents express different opinions as to the level of homogeneity of rules applicable to the grant of sub-concessions across EEA countries. 4.2.1.4.Conclusion on market definition (116)For the purpose of this Decision, the question of whether there is an overall market for the grant of sub-concessions for commercial ancillary facilities on motorway services areas or whether it should be segmented by type of services or locations may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible market definition. (117)Considering that Autogrill is only active in the provision of food services, the Commission will assess the effects of the Transaction on the narrower product market, i.e. the grant of food services sub-concessions on motorway service areas. By analogy with the definition of the market for the grant of toll motorway concessions and in line with the outcome of the market investigation, this market will be defined as an economic activity where supply is represented by the motorway concessionaires (managing the toll motorway concessions) and demand by undertakings or consortia of undertakings with an interest in acquiring the sub-concessions for food services on the motorway services areas. (118)In addition, the question of whether the market for the grant of food services sub-concessions on motorway service areas is national, EEA-wide or world-wide may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible market definition. 4.2.2.The provision of concession food services on motorway service areas 4.2.2.1.Product market definition Atlantia's views (119)Atlantia considers that the relevant product market should be defined as the market for concession food services, covering the award of food services concessions and the provision of concession food services. Furthermore, according to Atlantia, there is a high degree of substitutability between the food services offered by the traditional concession food service providers and the food services offered by other motorway sub-concessionaires, such as operators of gas stations. Commission's assessment (120)The Commission has not, in its past decision practice, defined a market for the provision of concession food services on motorway service areas, distinct from the market for the grant of food services sub-concessions on motorway service areas. (121)However, it has identified two neighbouring markets: (i) the provision of retail services at airports, distinct from the market for the award of concession for the operation of retail services at airports; and (ii) the retail supply of motor fuels (i.e. sales of motor fuels at service stations), possibly divided between sales at motorway and at non-motorway stations. (122)In addition, the Commission has found that there is a market for motorway catering distinct from the market of traditional catering, based on demand-side considerations (captive customers only made of motorway users) and supply-side considerations (wide turnover variations, importance of ancillary services, long opening hours and heavily regulated environment). Within that market, it has distinguished between (i) food services strictly speaking (restaurants), (ii) refreshment services, and (ii) sale of food products.

(123)In that context, in the present case, the Commission has assessed (i) whether the market for the provision of food services should be divided between food services provided on motorway service areas and at other locations, and (ii) concession food services provided on motorway services areas represent a part of a wider market also encompassing refreshments services and sale of food products on motorway services areas. (124)On the distinction between motorway service areas and other locations, the market investigation is inconclusive. Respondents to the market investigation having expressed an opinion are almost equally distributed between those believing that car or truck drivers consider the provision of food services on motorway service areas as substitutable with the provision of food services at other locations (i.e. outside motorway service areas), those believing the opposite, and those believing that it depends. (125)On the distinction between food services (restaurants) and other products provided on motorway service areas, respondents to the market investigation having expressed an opinion are also split between those believing that users of a motorway service area consider the provision of food in gas stations or retail stores located on that service area as substitutable with the provision of food services by restaurants located on that service area, those believing the opposite, and those believing that it depends. 4.2.2.2.Geographic market definition Atlantia's views (126)Atlantia does not take a firm view as to the geographic scope of the market for the provision of concession food services. Commission's assessment (127)The Commission has not, in its past decision practice, defined the geographic scope of the market for the provision of concession food services. For reasons of demand side considerations, since motorists choose only among motorway services areas convenient for their journey, the provision of concession food services appears to have local features. This is in line with the Commission's past decision practice regarding the retail supply of motor fuels or restaurants, as well as with the AGCM decision referred to in section 4.2.1.1. (128)However, due to the homogeneity in prices and in consumer preferences as well as a possible chain of substitution effect across motorway service areas, it cannot be excluded that the market for the provision of concession food services is national. In addition, supply-side considerations, notably the number of players operating on an at least national basis, would plead in favour of the relevant geographic market being defined as wider than local. 4.2.2.3.Conclusion on market definition (129)For the purpose of this Decision, the question of whether the market for the provision of concession food services on motorway service areas is part of a wider product market (encompassing other locations or other services) may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible market definition. (130)Considering that Abertis, as a concessionaire, only manages toll roads and that Autogrill is only active in the provision of food services, the Commission will assess the effects of the Transaction on the narrower product market, i.e. the provision of concession food services on motorway service areas. (131)In addition, for the purpose of this Decision, the question of whether the market for the provision of concession food services on motorway service areas is local or national may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible market definition. 4.3.The provision of ETS / distribution of on-board equipment 4.3.1.Regulatory framework (132)On 31 May 2017, the Commission issued its Proposal (to recast Directive 2004/52/EC) for a Directive of the European Parliament and of the Council on the interoperability of electronic road toll systems and facilitating cross-border exchange of information on the failure to pay road fees in the Union. (133)When describing the reasons for and objectives of the proposal, the Commission emphasised that (i) even if the electronic toll collection systems have been deployed at national, regional or local level in 20 Member States and the number of systems is increasing constantly, the vast majority require road users to install special equipment, namely on-board units / on-board equipment ("OBU" / "OBE") in their vehicles. While few offer cross-border interoperability, most do not. This results in costs and burdens for users, who must equip their vehicles with multiple OBUs to be able to drive unhindered in different countries; and (ii) the objective of the EU legislation at stake – and in particular the pan-European interoperability of electronic road toll systems that was the main objective of the directive – remain largely unattained. 4.3.2.Product market definition 4.3.2.1.Atlantia's view (134)Atlantia considers that the relevant product market should be defined as the market for the provision of ETS / distribution of OBE.

4.3.2.2.Commission's assessment (135)With regard to the distribution of OBE, in the ETS industry the following five main categories of stakeholders can be identified: concessionaires, OBE manufacturers / Intelligent Transport Systems ("ITS") providers, distributors or electronic tolling service provider ("ETSP"), financial institutions, and OBE users (the drivers). (136)In a prior decision, the Commission has concluded that the different methods of toll payment, i.e. in cash, by credit/debit card, or by using a device installed in the vehicle, namely the OBE, do not form part of the same product market. The Commission has therefore defined a market for the distribution of OBE devices. In addition, in its evaluation of European Electronic Toll Service ("EETS") Directive and EETS Decision, the Commission has also not excluded different usage paths for car drivers and heavy traffic (trucks). (137)The results of the market investigation in the present case are inconclusive with regard to the question of whether the market for the distribution of OBE devices should be considered as a distinct market. While some respondents, in line with the previous Commission's findings, confirm that OBE devices are not substitutable to other means of toll payment (such as credit/debit card and cash), others indicate that car drivers as well as truck (heavy vehicles) drivers using a toll motorway consider the different means of toll payment as interchangeable and that once someone has started using an OBE device they would be willing to switch to other means of toll payment if the current costs of OBE devices were to increase by 5-10% on a permanent basis. (138)Finally, the majority of the respondents to the market investigation having expressed an opinion indicates that there are no significant differences between the provision of ETS / distribution of OBE to car drivers and the provision of ETS / distribution of OBE to truck drivers, notably in terms of cost and type of devices. However, some respondents also point out to a distinction between the two segments notably due to technical interoperability issues. 4.3.3.Geographic market definition 4.3.3.1.Atlantia's view (139)Atlantia considers the market for the provision of ETS / distribution of OBE as national in scope. 4.3.3.2.Commission's assessment (140)In a prior decision, the Commission has considered the market for the distribution of OBE devices as likely national in scope. Notably when analysing the progress achieved in the EETS implementation, the Commission reached the conclusion that there are still different national systems due to technical barriers which have not been removed by the Member States and the stakeholders. Therefore, a pan-European interoperability of electronic road toll systems has not been achieved yet. (141)The results of the market investigation in the present case are inconclusive with regard to the geographic scope of the market for the distribution of OBE devices. While some of the respondents to the market investigation provide indications towards an EEA dimension others confirmed that the implementation of the EETS took place only in some of the EEA countries but not in all. For example it is still ongoing in Italy and Germany. 4.3.4.Conclusion on market definition (142)For the purpose of this Decision, the questions of whether (i) the market for the provision of ETS / distribution of OBE devices constitutes a distinct market, (ii) OBE devices are substitutable to other means of toll payment, and (iii) distribution of OBE to cars should be distinguished from the distribution of OBE to trucks, may be left open as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible product market definition. (143)As regards the geographic scope, the question on whether the market for the distribution of OBE devices is national or EEA-wide in scope may be left open as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible geographic market definition. 4.4.The provision of equipment or services for intelligent transport systems 4.4.1.Regulatory framework (144)While in Spain there is no specific provision with regard to Abertis' concessions, in Italy and France a regulatory framework is applicable. In Italy (145)In Italy, Article 177 of the Code introduced the obligation for the concessionaire to award 80% of the contracts for provision of services exceeding a given threshold (EUR 150 000) through a public tender procedure. Consequently, within the abovementioned 80% share, intra-group companies interested in the contracts to be awarded have to take part to such public tenders, direct awarding being precluded. In France

(146)In France, further to Law 2015-990, motorway concessionaires must implement procurement procedures for the award of their works, supplies or services subcontracts (i) above a certain threshold and (ii) to be executed after the date of full commissioning of the structures or works contemplated in the original concession contract. The applicable regulatory framework does not exclude the possibility for in-house providers to participate to the tender procedure launched by the motorway concessionaire like any other player. 4.4.2.Product market definition 4.4.2.1.Atlantia's views (147)Atlantia has identified a market for the provision of equipment or services for ITS, which consists in the manufacture of OBE, and the initial set-up and maintenance of certain roadside equipment, such as tag readers/antennas, in proximity of the free flow lane, that communicate with on-board equipment, as well as cameras for automated license plate recognition, or other equipment aimed at automatising toll fee collection and calculation. In order to satisfy their needs, motorway concessionaires typically select ITS providers through bidding procedures. 4.4.2.2.Commission's assessment (148) The Commission has not previously assessed a market for the provision of equipment or services for ITS. (149)In the present case, while the majority of the respondents to the market investigation having expressed an opinion agree with the definition proposed by Atlantia, they also acknowledge a distinction between the provision of electronic toll collection equipment (including the manufacture and provision of OBE) and the provision of other ITS equipment. 4.4.3.Geographic market definition 4.4.3.1.Atlantia's views (150)According to Atlantia, the geographic dimension of the market for ITS equipment/services is (at least) EEA-wide, notably as (i) there are no technical, regulatory, or other barriers that would create separate national systems in the EEA and (ii) several European players usually take part in bidding procedures launched by motorway concessionaires for the provision of ITS equipment/services. 4.4.3.2.Commission's assessment (151)The results of the market investigation are inconclusive with regard to the geographic scope of the market for ITS equipment or services. While some of the respondents to the market investigation indicate that that the conditions of competition (e.g. equipment or services requested by motorways concessionaires, price levels, procedures for the award of the contract by motorways concessionaires) for providing equipment or services for ITS are homogeneous in the EEA, others also provide indications towards significant differences from one EEA country to another. 4.4.4.Conclusion on market definition (152)For the purpose of this Decision, the question of whether a distinction should made between the provision of electronic toll collection equipment (including the manufacture and provision of OBE) and the provision of other ITS equipment may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible market definition. (153)As to the geographic market definition, the question of whether the market for the provision of equipment or services for ITS is national or EEA-wide may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market on either plausible geographic market. 4.5.The construction of infrastructure 4.5.1.Regulatory framework (154)Within the market for the construction of infrastructure, the demand is represented by the State, other contracting authorities, as well as private concessionaires. (155)Regarding road construction, the contracts are awarded under a specific regime determined by European and national law. At EU level

(156)The award of works contracts related to road concessions is covered by the Concessions Directive as well as Directives 2014/24/EU and 2014/25/EU (the "Public Procurement Directives"). In Italy (157)In Italy, the regulatory regime related to road construction works on motorways is provided by the legislative Decree No. 50 of 18 April 2016 (Decreto Legislativo Nº 50/2016), implementing the Concessions and Public Procurement Directives. Article 177 of this legislative Decree provides that concessionaires (State-owned and private ones) are obliged to outsource at least 80% of their contracts concerning works, services, and supply. Pursuant to the same provision, when granting such contracts, the concessionaires have to use tendering procedures. In Spain (158)In Spain, the legal framework applicable to works related to motorway concessions is contemplated in (i) the Public Sector Contracts Act, i.e. the Royal Legislative Decree 3/2011 of 14 November, (ii) the Spanish Act 8/1972 of 10 May 10 on construction, maintenance and operation of motorways, as well as (iii) Decree 215/1973 of 25 January, on the general terms governing the construction, maintenance and operation of motorways under concession. The Spanish Act 8/1972 distinguishes between two types of administrative motorway concessions: on the one hand, construction, maintenance and operation of motorways; on the other hand, maintenance and operation of already constructed motorway sections. (159)According to Article 240 of the Public Sector Contracts Act, the execution of the works that a concessionaire is entitled to perform pursuant to the grant of the concession may be sub-contracted to third parties or to their in-house companies but only through a tender procedure. As a result, even the assignment of works to in-house companies is subject to a tender procedure. In France (160)In France, the relevant provisions are contained in Law No 2015-990. Article 13 of this Law requires motorway concessionaires to award their subcontracts for works, supplies or services above a certain threshold through a procurement procedure similar to the procedure applicable to public procurement contracts. Regarding works contracts, this threshold is EUR 500 000. 4.5.2.Product market definition 4.5.2.1.Atlantia's views (161)Atlantia submits that the market for construction of all large infrastructure should be considered as the relevant market for the purpose of the Transaction. In addition, according to Atlantia, there is no need to distinguish a separate market for engineering services. 4.5.2.2.Commission's assessment (162)In its prior decision practice, the Commission has considered the possibility to distinguish within the market for construction services between (i) large and small infrastructure (divided according to the projects concerned), (ii) roads and other types of infrastructure, and (iii) motorways and other roads. (163)In a prior decision regarding transport, the Commission has also considered engineering services as a distinct market. (164)Respondents to the market investigation having expressed an opinion did not provide any indications that would justify deviating from the Commission's precedents. However, with regard to the question of whether the activity of infrastructure construction includes, by nature, the activity of engineering services, the results of the market investigation are inconclusive. While some respondents indicate that the two types of activities are different and undertaken by different companies, others indicate that engineering activities can also be part of the activity of infrastructure construction. The results would be the same when considering the construction of motorways only. 4.5.3.Geographic market definition 4.5.3.1.Atlantia's views (165)Atlantia submits that the geographic market definition for the construction of infrastructure is at least EEA-wide. 4.5.3.2.Commission's assessment (166)In its prior decision practice, the Commission, while leaving the geographic market definition open, has defined the market for construction services as national in scope.

(167)The results of the market investigation in the present case are inconclusive. While some of the respondents to the market investigation indicate that the competition conditions for the construction of infrastructure are homogeneous in the EEA and that it is common for a non-domestic company to be in charge of infrastructure construction, others also provide indications towards differences among EEA countries, notably with respect to the regulatory framework applied at national level, the awarding criteria and the scope of the contracts. 4.5.4.Conclusion on market definition (168)For the purpose of this Decision, the question of whether a distinction should be made between (i) large and small infrastructure, (ii) roads and other infrastructure, and (iii) motorways and other roads may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market under any plausible market definition. (169)Considering that Abertis is only active in motorway infrastructure construction, the Commission will assess the effects on the Transaction on this narrower product market. (170)In addition, the question of whether a distinction should made between the market for construction of infrastructure and the market for engineering services may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market on either plausible product market. (171)As to the geographic market definition, the question of whether the market for construction of infrastructure is national or EEA-wide may be left open, as the Transaction would not raise serious doubts as to its compatibility with the internal market on either plausible geographic market. 5.COMPETITIVE ASSESSMENT 5.1.Horizontal effects (172)In this section, the Commission will assess whether the Transaction is likely to give rise to anti-competitive unilateral effects in the markets where the two Parties are actual or potential competitors. (173)The Transaction leads to horizontal overlaps in the following markets: (i) the grant of toll motorway concessions (Atlantia and Abertis are both active on the demand side), (ii) the transport on toll motorways, (iii) the provision of concession food services on motorway service areas, (iv) the provision of ETS / distribution of OBE, and (v) the provision of ITS equipment or services. (174)In addition, Atlantia and Abertis are both active on the supply side of the market for the grant of toll motorway sub-concessions, in particular for food services. Considering that Atlantia is also active on the demand side of that market through Autogrill,the impact of the Transaction on food services concessions will be dealt with as part of the assessment of the vertical effects of the Transaction. 5.1.1.The grant of toll motorway concessions 5.1.1.1.Analytical framework (175)In its prior decision practice regarding infrastructure managed under concession or franchise contracts, the Commission has assessed the impact of a concentration on the market for the grant of concessions or franchises based on three elements. (176)First, the Commission has taken account of the parties' combined share of the concessions or franchises operated by the parties, calculated notably on the basis of the number of concessions or franchises, of revenues or of km. Nevertheless, in bidding markets such as the grant of toll motorway concessions, the Commission has acknowledged that those shares reflect the parties' position based on past grants, but not necessarily the actual or future bidding behaviour. (177)Second, the Commission has analysed historic bidding data, to determine whether the parties are active bidders and compete head-to-head, as well as whether bidders are expected to enjoy significant incumbency or scale advantages as a result of previous grants of concessions or franchises. (178)Third, the Commission has considered the number of alternative bidders in the market and the competitive constraint they exert on the parties. 5.1.1.2.Atlantia's views (179)Atlantia considers that the Transaction will not give rise to unilateral effects concerns in the market for the grant of motorway concessions in the EEA or in Italy, since (i) the grant of toll motorway concessions is a bidding market regulated by EU and national law; (ii) the Parties have participated in very few tenders and never bid against each other in the last years; and (iii) a number of strong and successful competitors have participated in these tenders. 5.1.1.3.Commission's assessment

Combined shares of toll motorway concessions operated by the Parties (180)According to Atlantia, the Parties manage less than [5-10]% of the worldwide toll motorways based on km and revenues (Atlantia: [0-5]% in km and [0-5]% in revenues; Abertis: [0-5]% in km and revenues), so that no affected market would exist at worldwide level. (181)According to Atlantia, the Parties manage [10-20]% of EEA toll motorways based on km (Atlantia: [5-10]%; Abertis: [5-10]%) and [20-30]% based on revenues (Atlantia: [10-20]%; Abertis: [10-20]%). Post-Transaction, the merged entity would become the market leader in the EEA, ahead of Vinci ([5-10]% in km and [10-20]% in revenues), Eiffage ([0-5]% in km and [5-10]% in revenues), Gavio Group ([0-5]% in km and [0-5]% in revenues), Brisa ([0-5]% in km and revenues), Itinere ([0-5]% in km and revenues) and Ferrovial ([0-5]% in km and revenues). The remaining motorways ([60-70]% in km and [40-50]% in revenues) are managed by 139 concessionaires operating, on average, 224 km of motorways. (182)At national level, the Parties are both present in one EEA country only (Italy). In Italy, they together manage [50-60]% of the motorway network based on km (Atlantia: [50-60]%; Abertis: [0-5]%) and [70-80]% of toll revenues (Atlantia; [60-70]%; Abertis: [5-10]%). There is only one other operator with more than 5% of Italian toll motorways under its management, i.e Gavio Group ([10-20]% in km and [10-20]% in revenues). However, Abertis' increment in Italy is limited to the 234 km managed until 2026 by A4 Holding, which Abertis acquired in 2016 from its former shareholders Intesa, Astaldi and the Tabacchi family following a secondary transaction (acquisition of an existing concessionaire). Historic bidding data (183)Atlantia has provided data on […] tenders launched since 2007 for the grant of toll motorway concessions, including […] tenders concerning EEA countries. The analysis of bidding data shows that (i) neither of Atlantia or Abertis have been very active bidders over the last ten years; and (ii) Atlantia and Abertis have rarely participated in the same award procedure. (184)More specifically, […] […] Therefore, in the EEA, Atlantia and Abertis have not competed for the same toll motorway concessions to be awarded by public authorities over the last ten years. (185)Respondents to the market investigation confirm that neither Atlantia nor Abertis have been active players in the market for the grant of toll motorway concessions and have not bid against each other, with the exception of Chile. (186)The Commission also finds that Atlantia and Abertis have not competed directly against each other, even if it takes account of secondary transactions (i.e. sale and acquisition of existing concessionaires) in the EEA. More specifically, out of the […] secondary transactions completed in the past five years in Italy, Spain, France, Poland or the UK, Atlantia and Abertis never bid against each other as potential acquirers. In fact, […]. Parties' bidding strategies (187)According to Atlantia, the limited past and recent activity of the Parties on the market for the grant of toll motorway concessions at EEA and worldwide levels stems from [details on Atlantia’s future strategic decisions]. In addition, Atlantia argues that [details on Atlantia’s future strategic decisions] Therefore, Atlantia submits that [ details on Atlantia’s future strategic decisions] (188)The Commission has not found any evidence, in particular in the Parties' internal documents, running counter Atlantia's statements regarding their investment strategies and business plans. (189)As a consequence, the Commission considers that, absent the Transaction, (i) the Parties would have [details on Atlantia and Abertis future business priorities]; and, consequently, (ii) as in the past, Atlantia and Abertis would have competed head-to-head for the grant of toll motorway concessions only on rare occasions. (190)This finding would also apply to Italy, the only EEA country where both Parties currently hold toll motorway concessions. In fact, Abertis' internal documents confirm that [details on Abertis’ future strategic decisions]. Even if it could not be excluded that Abertis, [details on Abertis’ future strategic decisions], could bid for the renewal of the concession awarded to A4 Holding (subsequently acquired by Abertis), it should be considered that (i) it is at least uncertain whether Atlantia would have bid for that concession absent the Transaction, considering that it did not bid for the acquisition of A4 Holding and, (ii) in any case, any potential loss of competition would not materialise before 2027, when the concession awarded to A4 Holding expires. Barriers to entry or expansion (191)Respondents to the market investigation identify the high investments (financial capacity), experience and know-how required to build and manage toll motorways as the main barriers to enter or expand in the sector of toll motorway concessions. The Commission considers that the Transaction is unlikely to have a major impact on these barriers to entry or expansion, as confirmed by a majority of respondents to the market investigation having expressed an opinion. (192)In particular, the bidding data provided by Atlantia tend to demonstrate that, first, the submission of bids by consortia is frequent. These consortia enable the combination of different skills and spread financial risks among several companies, thus mitigating the advantages in terms of integration or scale of largest concessionaires, such as Atlantia and Abertis. In addition, with regard to integration, the Transaction is unlikely to have a major effect, regardless of whether the ability to provide in-house the works and services needed for the operation of toll motorway concessions is a competitive advantage. Indeed, Atlantia is already integrated pre-Transaction and the addition of Abertis' activities does not extend the scope of Atlantia's business portfolio. (193)Second, the grant of toll motorway concessions to operators other than the incumbent concessionaire is also not unusual. In any case, the implementation of the Concessions Directive is expected to promote the treatment on an equal footing of incumbent and non-incumbent concessionaires, considering that conceding authorities are required to apply harmonised selection criteria guaranteeing that the motorway concessions are awarded to the most economically advantageous tenders. Other bidders (194)There are a number of large companies competing for the grant of toll motorway concessions, such as the groups Vinci, Eiffage, Brisa, Itinere, Ferrovial or Sacyr. For instance, based on the bidding data provided by Atlantia for the last ten years, […] Considering the significant level of integration of those large companies, they are expected to continue competing for the grant of toll motorway concessions, even if the merged entity were to stop participating in bidding consortia post-Transaction.

(195)A majority of respondents to the market investigation having expressed an opinion consider that, post-Transaction, there would be a sufficient number of companies competing with the merged entity for toll motorway concessions to prevent the risk that conceding authorities receive less advantageous offers in Italy, Spain, France, Poland as well as in other EEA countries and in non-EEA countries. Overall assessment (196)In this context, a majority of respondents to the market investigation having expressed an opinion consider that, there would be sufficient competition to prevent the merged entity post-Transaction from raising prices or degrading service quality in the management of toll motorways post-Transaction. (197)As far as the EEA is concerned, while some respondents point out to the strong market position of Atlantia and Abertis in, respectively, Italy and Spain, they also note that the specific impact of the Transaction on competition for the grant of toll motorway concessions is likely limited, due notably to the geographic complementary of the Parties and the regulation of the market. 5.1.1.4.Conclusion (198)In view of the above, and considering notably (i) the fact that Atlantia and Abertis are not very active competitors on the market for the grant of toll motorway concessions, (ii) the fact that Atlantia is not a very active competitor for the acquisition of existing concessionaires (secondary transactions) in the EEA, (iii) the number and strength of remaining competitors, and (iv) for the grant of toll motorway concessions, the degree of regulation of the award procedures, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the grant of toll motorway concessions or to secondary transactions, under any plausible geographic market definition (national, EEA-wide or worldwide). (199)This conclusion also applies to Italy, where Atlantia and Abertis did not compete against each other in any bidding procedure for the grant of a toll motorway concession, nor for the acquisition of any concession holder. For instance, they did not compete for the acquisition of the concession holder A4 Holding, which was acquired by Abertis (and through which Abertis currently holds its only concession in the country). 5.1.2.The transport on toll motorways (200)In the EEA, Atlantia manages toll motorways in Italy and Poland; Abertis manages toll motorways in Spain, France and Italy. Therefore, any possible overlap would be circumscribed to Italy. 5.1.2.1.Atlantia's views (201)Atlantia submits that the Parties' networks do not overlap in terms of O&D. Therefore, the Transaction has no impact whatsoever on the structure and the functioning of the market for the transport on toll motorways. 5.1.2.2.Commission's assessment (202)In Italy, Abertis operates the two following concessions: A4 Brescia – Padua and A31 Piovene Rocchette-Badia Polesine. Atlantia has provided a detailed map of the Brescia and Padua regions, which demonstrates that the Parties' motorway networks do not overlap in terms of O&D. In particular, a segment of A31 (managed by Abertis) runs in parallel with a segment of A13 (managed by Atlantia), but the two connect directly different O&D pairs. The same holds true for the two other parallel segments of A4 (managed by Abertis) and A1 (managed by Atlantia). (203)The market investigation confirms those empirical findings. A majority of respondents to the market investigation having expressed an opinion indicate that in Northern Italy, more specifically in the Padua region, users do not consider the motorways managed by Atlantia (respectively A13 and A1) running in parallel with the motorways managed by Abertis (respectively A31 and A4) as substitutable. (204)In addition, the key terms and conditions of the management of toll motorways (including toll rates, remuneration of the concessionaire, quality of services) are established in the concession contracts and not left to the discretion of concessionaires after their signature. Therefore, as confirmed by the majority of respondents to the market investigation having expressed an opinion, the Transaction is unlikely to give rise to price increases or service quality degradation on toll motorways managed by Atlantia or Abertis in Northern Italy. 5.1.2.3.Conclusion (205)In view of the above, and considering notably (i) the absence of overlap between the toll motorways managed by the Parties, and (ii) the limited autonomy of the concessionaires in price setting and services under the concession contracts, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the transport on toll motorways, defined on a route-by-route basis. 5.1.3.The provision of concession food services on motorway service areas (206)Considering that Areamed (and through it Abertis) is not active in the market for the grant of food services sub-concessions on motorway service areas (i.e. Areamed does not compete for the market), the Commission will solely assess the effects of the Transaction on competition in the provision of concession food services on motorway service areas. (207)Abertis only provides concession food services in Spain, through the management by Areamed of […] motorway service areas and the operation of […] food services entrusted by Areamed to Areas. Assuming that Atlantia and Autogrill belong to the same group, Atlantia also provides concession food services on motorway service areas in Spain.

5.1.3.1.Atlantia's views (208)Atlantia submits that neither Atlantia nor Abertis can be considered as having any operational involvement in the activities related to concession food services in Spain. 5.1.3.2.Commission's assessment (209)At the level of each motorway service area in Spain, the activities of Abertis (through Areamed) and Atlantia (through Autogrill) do not overlap. Due to the small or medium size of Spanish motorway service areas, only one sub-concessionaire operates services outlets on each service area. (210)Furthermore, as shown by the map of Autogrill's and Areamed's sub-concessions in Spain provided by Atlantia, the food services outlets operated on service areas managed by Areamed are not located in the vicinity of those operated by Autogrill. (211)As an exception, Autogrill and Areamed both operate on AP7 around the city of Tarragona. However, since Autogrill's outlets are all located south of Tarragona and Areamed's outlets north of Tarragona, the services provided by Autogrill and Areamed can be seen as substitutable only by drivers entering AP7 before Tarragona and exiting AP7 after Tarragona. Therefore, considering the location of the outlets and the distance between the closest Autogrill's and Areamed's outlets (approximately 50 km), the competitive constraint exerted by Autogrill and Areamed on AP7 is limited. (212)In addition, according to information provided by Atlantia, the closest Autogrill's and Areamed's outlets around the city of Tarragona present differences in terms of opening hours, concepts and dimensions. (213)If the market for the provision of concession food services on motorway service areas is defined as national, the Transaction would give rise to an affected market in Spain, where Autogrill and the food services outlets on Areamed's service areas respectively hold [10-20]% and [20-30]% of the market (in revenues). (214)However, as indicated in section 1.2.2, Abertis only exercises an indirect control over the food services outlets located on Areamed's motorway service areas. Indeed, while Abertis jointly controls Areamed, the latter sub-leases the food services facilities to Areas, which has the main responsibility for the operation of the food services outlets. (215)Furthermore, based on Atlantia's submission, it seems that there are differentiations if Autogrill's and Areamed's offerings, in particular in terms of opening hours. (216)Finally, Autogrill and Areamed will still face, post-Transaction, the competition of a number of strong competitors, e.g. Elior (via Areas, the other parent of Areamed), Grupo Abades, Cafestore or Serviáreas 2000. 5.1.3.3.Conclusion (217)In view of the above, and considering notably the geographic coverage of each of Atlantia's (through Autogrill) and Abertis' (through Areamed) outlets, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the provision of concession food services on motorway service areas, under any plausible geographic market definition (local or national). 5.1.4.The provision of ETS / distribution of OBE 5.1.4.1.Atlantia's views (218)Atlantia considers that the Transaction will not give rise to any concerns related to unilateral effects on the provision of ETS / distribution of OBE in the EEA or at national level, notably due to (i) the Parties' limited position, and (iii) the presence of additional strong competitors. 5.1.4.2.Commission's assessment (219)The Transaction does not give rise to affected markets, if the market for the distribution of OBE is defined as national. (220)At EEA level, the Transaction gives rises to affected markets with the Parties' combined market share reaching [30-40]%, and [30-40]% when considering the potential segment for car drivers only. The increment brought about the Transaction is less than [5-10]% ([5-10]% and at most [5-10]% respectively). (221)Affected markets at EEA level mainly result from the monopoly currently enjoyed by Atlantia in Italy, which however pre-dates the Transaction and it is therefore not merger-specific. Moreover, the merged entity will face competition, post-Transaction, from a number of other OBE distributors, such as ViaVerde, Vinci, APRR (owned by Eiffage) and Toll Collect with a market share of approximately [10-20]%, [5-10]%, [5-10]% and [0-5]% respectively for all drivers and with ViaVerde, Vinci and APRR also present in the segment for car drivers only with a market share of [10-20]%, [10-20]% and [5-10]%. Finally, with respect to the distribution of OBE for cars, the estimates of the Parties' combined market share in the EEA appears also less relevant as a significant proportion of the number of devices are technically not interoperable and can only be used in a single country.

(222)The majority of respondents to the market investigation having expressed an opinion did not raise any concerns with respect to the market for the provision of ETS / distribution of OBE in the EEA and at national level. (223)Finally, Abertis' subsidiary, Eurotoll, [details on Abertios' Eurotoll business strategy]. However, other competitors, […]. Absent the Transaction, they would therefore be likely to exert a stronger competitive constraint on Atlantia than Abertis (via Eurotoll). 5.1.4.3.Conclusion (224)In view of the above, and considering notably (i) the fact that no affected markets arise at national level, (ii) the limited increment and the number/strength of remaining competitors at EEA level, and (iii) the results of the market investigation, the Commission concludes that the Transaction does not raise serious doubts as to its compatibility with the internal market in respect of the market for the provision of ETS / distribution of OBE, under any plausible segmentation. 5.1.5.The provision of ITS equipment or services 5.1.5.1. Atlantia's view (225) Atlantia considers that the Transaction will not give rise to any concerns related to unilateral effects in the provision of ITS equipment or services in the EEA or at national level, notably due to (i) the Parties' limited position and (iii) the presence of additional strong competitors. 5.1.5.2.Commission assessment (226)With regard to the overall market for the provision of ITS equipment or services, the proposed Transaction does not give rise to any affected markets both in the EEA and at national level. (227)On a narrower market for the manufacture of OBE, the proposed Transaction leads to affected markets only in Italy where however the Parties' combined market and the increment brought about the Transaction remain limited (approximately [20-30]% and [0-5]% respectively). (228)Additional competitors will remain in the market for the provision of ITS equipment or services, post-Transaction, such as Sinelec, Kapsch, and other smaller players. (229)Finally, the majority of respondents having expressed an opinion to the market investigation did not raise any concerns with respect to the market for the provision of ITS in the EEA and at national level. 5.1.5.3.Conclusion (230)In view of the above, and considering notably (i) the limited position of the Parties in the overall market for the provision of ITS equipment or services as well as in the narrower market for the manufacture of OBE, and (ii) the presence of material competitors, the Commission concludes that the Transaction does not raise serious doubts as to its compatibility with the internal market in respect of the market for the provision of ITS, under any plausible segmentation. 5.2.Vertical effects (231)In this section, the Commission will examine whether the Transaction is likely to result in foreclosure in any of the markets that are vertically affected by the Transaction. 5.2.1.Legal framework (232)According to the Non-Horizontal Merger Guidelines, foreclosure occurs when actual or potential rivals' access to markets is hampered, thereby reducing those companies' ability and/or incentive to compete. Such foreclosure can take two forms: (i) input foreclosure, when access of downstream rivals to supplies is hampered; and (ii) customer foreclosure, when access of upstream rivals to a sufficient customer base is hampered. (233)For input or customer foreclosure to be a concern, three conditions need to be met post-Transaction: (i) the merged entity needs to have the ability to foreclose its rivals; (ii) the merged entity needs to have the incentive to foreclose its rivals; and (iii) the foreclosure strategy needs to have a significant detrimental effect on competition on the downstream market (input foreclosure) or on customers (customer foreclosure). In practice, these factors are often examined together since they are closely intertwined. 5.2.2.Overview of the vertically affected markets

(234)The Transaction gives rise to vertical links between the following markets: (i) the grant of food services sub-concessions and the provision of concession food services, (ii) the transport on toll motorways and the provision of ETS / distribution of OBE, (iii) the provision of ITS equipment or services and the transport on toll motorways, (iv) the provision of ITS equipment or services and the provision of ETS / distribution of OBE, and finally (v) the construction of infrastructure and the transport on toll motorways. (235)Taking account of the Parties' individual or combined market shares exceeding 30%, the following vertically related markets are affected by the Transaction: (i) the grant of food services sub-concessions and the provision of concession food services in Italy and Spain, (ii) the transport on toll motorways and the provision of ETS / distribution of OBE in the EEA, Italy and Spain, (iii) the provision of ITS equipment or services and the transport on toll motorways in Italy and Spain, (iv) the provision of ITS equipment or services and the provision of ETS / distribution of OBE in Italy, and finally (v) the construction of infrastructure and the transport on toll motorways in Italy and Spain. 5.2.3.The grant of food services sub-concessions and the provision of concession food services on motorway service areas (236)The Commission will assess whether, post-Transaction, (i) the merged entity would likely reduce or stop granting food services sub-concessions to competitors of Atlantia (Autogrill) or Abertis (Areamed) (input foreclosure), and (ii) the merged entity (Autogrill) would likely reduce or stop bidding for being granted food services sub-concessions by motorway concessionaires competing with Atlantia post-Transaction (customer foreclosure). 5.2.3.1.Input foreclosure Atlantia's views (237)Atlantia submits that it is implausible that the Parties would pursue a strategy of foreclosing food services providers on the motorways they manage, in the hope of favouring a food services provider in which they have an interest. Commission's assessment (a)Ability (238)As toll motorway managers, both Atlantia and Abertis grant sub-concessions for the management of motorway service areas, notably for the provision of food services on those service areas. Therefore, the power of the merged entity on the market for the grant of food services sub-concessions corresponds to the power of the merged entity on the management of toll motorways. (239)Post-Transaction, the merged entity would be the largest toll motorway operator worldwide. While at worldwide and EEA level, its market share would remain below 30% (respectively [5-10]% and [20-30]% based on revenues), the merged entity would, based on the revenues they generate, manage more than 30% of the toll motorways in three EEA countries (Italy, Spain and Poland). (240)More particularly, in Italy, the merged entity would manage [50-60]% of the toll motorway network based on km and [70-80]% based on revenues. The […] food services concessions or outlets located on Atlantia's and Abertis' motorways represent [50-60]% of the total number of food services concessions or outlets located on Italian motorways. By comparison, the next largest motorway concessionaire, Gavio Group, has only [10-20]% of total number of food services outlets located on its motorways. (241)Therefore, the merged entity is likely to enjoy a significant degree of market power in the grant of food services sub-concessions in Italy. However, the Transaction has a limited impact on the merged entity's ability to foreclose access to food services sub-concessions on motorway service areas in Italy, since (i) the link between Atlantia's activities in the management of toll motorways and Autogrill's activities on concession food services pre-dates the Transaction, and (ii) the increment brought about by Abertis in the management of toll motorways does not exceed [0-5]% in km and [5-10]% in revenues, representing […] food services concessions ([5-10]%). (242)In Spain, where Atlantia is not present, Abertis manages [40-50]% of the toll motorway network based on km and [70-80]% based on revenues. With […] food services outlets located on the motorways it manages in Spain, Abertis concentrates on its network [70-80]% of the total number of food services outlets on motorway service areas in Spain. In this context, the merged entity is also likely to enjoy a significant degree of market power in the grant of food services sub-concessions in Spain. (243)In Poland, where Abertis is not present, Atlantia manages [10-20]% of the toll motorway network based on km and [30-40]% based on revenues, behind AWSA I & AWSA II ([50-60]% in km and [60-70]% in revenues) and Gdansk Transport Company ([30-40]% in km). It is therefore unlikely that the merged entity will have a sufficient influence on the conditions of competition in the grant of food services sub-concessions to raise prices or degrade quality of food services provided by Autogrill's rivals on motorway services areas. In any case, there is no merger-specific effect, as the vertical link between Atlantia's activities as a grantor of sub-concessions and Autogrill's activities as a grantee of sub-concessions pre-dates the Transaction. (244)The results of the market investigation are inconclusive with regard to the question of whether the merged entity, post-Transaction, would likely have the ability to reduce or stop granting food services sub-concessions to competitors of Autogrill or Areamed at national level, in the EEA or in non-EEA countries. While a majority of respondents to the market investigation having expressed an opinion take the view that the merged entity would not have such ability, some competitors insist that integrated concessionaires can and tend to sub-contract with their subsidiaries. (245)As a conclusion, the Commission considers that the merged entity would have the ability in Italy and Spain to restrict the grant of sub-concessions to Autogrill's competitors, thus to foreclose the latter from the market for the provision of concession food services on Italian and Spanish motorway service areas. In Italy nevertheless, the change in the ability stemming from the Transaction is limited, since (i) there are only […] service areas located on Abertis motorway network in Italy, out of which […] are already managed by Autogrill, and (ii) the […] sub-concessions held by Autogrill will expire in 2025 and 2026, i.e. shortly before the expiry of Abertis' motorway concession on 31 December 2026. There is thus uncertainty as to whether Abertis will remain the grantor of sub-concessions at the end of Autogrill's current sub-concessions. (b)Incentive (246)The Commission has first assessed whether the regulatory framework applicable to the grant of food services sub-concessions by motorway concessionaires in Italy and Spain, complemented by the commitments imposed by the AGCM in Italy (see section 4.2.1.1), is likely to provide significant disincentives to the merged entity's carrying out exclusionary practices against rival food services providers. (247)The requirement to grant sub-concessions following open and transparent tender procedures and the scrutiny exercised by ANAS in Italy and by the Ministry of Public Works and Transport in Spain may contribute to reducing the risk that the merged entity distorts the competitive process to favour Autogrill.

(248)In Italy, the regulatory requirements applicable to all motorway concessionaires are complemented by the commitments imposed on ASPI (Atlantia's subsidiary operating in Italy) by the AGCM, which further reduce the risk that (i) Atlantia would circumvent the obligation to rely on open, transparent and non-discriminatory procedures for the grant of food services sub-concessions on its motorway, and (ii) such illegal conduct would be undetected. As a matter of fact, the share of food services outlets managed by Autogrill on Atlantia's motorway network has decreased from 72% at the time of the acquisition of control by Edizione over ASPI in 2000 to [40-50]% in 2017. This seems to indicate that, prior to the Transaction, Atlantia did not engage in foreclosure practices, even if in theory it was able to do so. (249)Finally, the Transaction does not give rise to any significant additional incentive for the merged entity to engage in an input foreclosure strategy, since the […] service areas located on Abertis' network in Italy represent less than [10-20]% of the total number of service areas currently located on Atlantia's network in Italy. (250)In view of the obligations imposed on Atlantia under the Italian law and the commitments imposed by AGCM, and of the limited incremental incentive created by the addition of Abertis' motorway network, the Commission considers that the merged entity is likely not to have the incentive to foreclose Autogrill's competitors from access to sub-concessions in Italy. (251)Nevertheless, the addi