Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 23.12.2019  
C(2019 ) 9502 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9694  – HERMES / IRIDIUM / JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 29 November 2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Hermes GPE 
LLP (“Hermes”, United Kingdom), and Iridium Conce siones de Infrastructuras S.A. 
(“Iridium”, Spain), belonging to the ACS Group (Spain), intends  to acquire within the 
meaning of Article 3(1)(b)  and 3(4)  of the Merg er Regulation joint control of  the 
whole of a newly created JV (Spain) , currently controlled by Iridium (Spain),  by way 
of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Hermes: leading specialist investor in global private markets specialising in 
developing bespoke and  diversified private equity and infrastructure portfolios on 
behalf of its clients.   
 Iridium: active in the development, management and maintenance of concessions . 
 The JV: active in the management of concessions in the transport sector and will 
be managing the below concessions:  
- Eix Diagonal Concessionària de la Generalitat de Catalunya S.A (“Eix 
Diagonal”,  Spain) , 
- Autovía del Pirineo S.A. (“A -21”, Spain),  
                                                 
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 414, 10.12.2019 , p.30. 

2 - Autovía de los P inares, S.A. (“Aupisa”, Spain),  
- Concesionaria Santiago -Brión S.A. (“Santiago -Brión”, Spain),  
- Reus -Alcover Concesionària de la Generalitat de Catalunya S.A. (“Reus -
Alcover”, Spain),  
- Autovía de la Mancha S.A. (“Aumancha”, Spain),  
- Inversora de la Autovía de la Mancha S.A. (“Inversora”, Spain).  
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 (b) of the Commission Notice on a simplified pro cedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatibl e with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .