Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERG ER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 11.12.2020 
C(2020)  9227 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 10051 – ALLIANZ SE / TEF INFRA / UGG  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 18 November 2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Allianz SE 
(“Allianz ”, Germany ) and Telefónica Infra, S.L.U. ( “TEF Infra ”, Spain), indirectly 
acquire  within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation  joint 
control over the whole of  Unsere Grüne Glasfaser GmbH & Co. KG (“UGG”, 
Germany) , currently solel y controlled by TEF Infra , by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for Allianz: ultimate parent company of the Allianz group. The Allianz group 
offers a comprehensive range of insurance and asset management  products and 
services to both private and corporate customers in more than 70 countries.  
− for TEF Infra: on behalf of the Telefónica Group, management and 
monetisation of a portfolio of assets, focusing on the development and 
monetisation of towers, distri buted antenna systems, data centres (including 
EDGE), and greenfield fibre and subsea cable projects, among others.  
− for UGG: the design, roll -out, operation and marketing of FTTH fibre optic 
networks in defined rural and semi -rural areas within Germany.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 403 , 26.11.2020, p. 11. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission Notice on a simplified procedure for treatment of 
certain conce ntrations under Council Regulation (EC) No 139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with t he EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .