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, 13.03.2020  
C(2020 ) 1749 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9659  – TELIA COMPANY / CAPMAN AIFM / 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 11 February 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Telia Company 
AB (publ) (“Telia Company”, Sweden)  and CapMan AIFM Oy (“CapMan AIFM”, 
Finland), through CapMan Nordic Infrastructure I SCSP  (“CapMan Infra”) and 
belonging to the CapMan group,  acquire within the meaning of Article s 3(1)(b) and 
3(4) of the Merger Regulation jo int control of  a newly created company constituting a 
joint venture  (“JV”, Finland). The concentration is accomplished by way of purchase 
of shares  in a newly created company constituting a joint venture .3 
2. The business activities of the undertakings concer ned are:  
 for Telia Company : the provision of mobile and fi xed telecommunications 
services, and  broadband and television services in Denmark, Estonia, Finland , 
Lithuania, Norway and Sweden, as well as the provision of  mobile 
telecommunications services in Latvia and wholesale network access (carrier 
services) worldwide , 
 for CapMan AIFM : the management of the investment fund CapMan Infra , 
 for the JV: the provision of fixed internet access at wholesale level, namely 
building, owning, operating and maintaining of passive fiber -to-the-home 
(“FTTH”) local networks for single dwelling units (“SDUs”) in Finland, and 
                                                 
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 57, 20.2.2020 , p. 9. 

2 certain limited passive fiber -to-the-building (“FTTB”) assets for multi dwelling 
units (“MDUs”) in Fi nland . 
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(a) of the Commission Notice on a simplified procedure for treatment of 
certai n concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and  with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .