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, 30.4.2021  
C(2021 ) 3204 final  
PUBLIC VERSION  
KKR & Co. Inc.  
30 Hudson Yards   
NY 10001 - New York  
United States of America  
 
Telefónica, S.A.  
Distrito Telefónica, Edificio Central, 
Planta 2ª, Ronda de la Comunicación 
s/n 
28050 -Madrid  
Spain  
Subject : Case M.10210 - KKR / TELEFONICA / INFRACO  
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 26 March 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which  KKR & Co.  
Inc. ( USA)  and Telefónica, S.A. (Spain ) acquire within the meaning of Article s 
3(1)(b) and 3(4) of the Merger Regulation indirect joint control over the whole of 
Infra Co SpA (Chile)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 For KKR  & Co. Inc.: global investment firm that manages multiple alternative 
asset classes inc luding private equity, energy, infrastructure, real estate and credit, 
with strategic partners that manage hedge funds, offering a broad range of 
investment management services to fund investors and provides capital markets 
solutions to the firm, its portf olio companies and third parties,  
                                                 
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 120 , 08.04.2021, p.5. 

2  for Telef ónica S.A. : global telecommunications company headquartered in 
Madrid, Spain, which operates fixed and mobile communication networks. It 
offers mobile, landline, internet and television services under a number of brands, 
including Movistar, O2 and Vivo. Telefónica is listed on the Madrid, New  York, 
and Lima Stock Exchanges,  
  for InfraCo SpA : company headquartered in Chile which was incorporated in 
January 2020 by Telefónica Chile S.A., a company part of the Telefónica group, 
to operate Telefónica Chile S.A.’s fiber network in Chile. Specifically, InfraCo’s 
business will consist of building, op erating and marketing fiber optic network 
infrastructure for the provision of wholesale telecommunications services in 
Chile.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope o f the Merger Regulation and of 
paragraph 5(a) and 5(b)  of the Commission Notice on a simplified procedure 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, t he 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 .