Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGI QUE  
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, 15.3.2019  
C(2019 ) 2202 final  
 
 
 
To the notifying parties:  
 
Subject : Case M.9301 – KDDI / MITSUBISHI SECURITIES / KABU.COM   
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 21 Febraury 2019 , the  European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which the undertakings 
KDDI Corporation (“KDDI”, Japan) , and Mitsubishi UFJ Securities Holdings Co. Ltd. 
(“Mitsubishi Securities”, Japan) , ultimately controlled by Mitsubishi UFJ Financial Group, 
Inc. (“MUFG”, Japan)  acquire within the meaning of Article 3(1)(b)  and 3(4) of the 
Merger Regulation joint control over Kabu.com Securities Co., Ltd. (“Kabu.com”, Japan), 
by way of a takeover bid .3 
2. The business activities of the undertakings concerned are:  
 KDDI is a telecommunication s company  that provides a range of services, including 
mobile phone services, fixed line communication, information technologies, e -
commerce, energy and financial services.  
 Mitsubishi Securities is a subsidiary of MUFG  that operates globally and provides a 
full range of  banking services. Depending on the geographical region, these include 
retail, corporate, and investment banking services, as well as asset management and 
sales and trading services.  
                                                 
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 075, 28.02. 2019 , p. 7. 
PUBLIC VERSION  
2  Kabu.com is a securities company that mainly provides online brokerage se rvices to 
customers located in Japan and supplies computer systems, programs, and software for 
online securities transactions.  
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) 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, the Europe an 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)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .