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, 12.9.2019  
C(2019 ) 6637  final 
PUBLIC VERSION  
To the notifying parties  
Subject : Case M .9443 – CINTRA / MERIDIAM / AUSOL  
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 20 August  2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Cintra 
Infaestructuras  España,  S.L. (‘Cintra’, Spain), belonging to the Ferrovial group , 
ultimately controlled by Ferrovial S.A.  (‘Ferrovial’, Spain)  and Meridiam S.A.S. 
(‘Meridiam’, France)  acquire within the meaning of Article 3(1)(b) and 3(4) of the 
Merger Regulation  joint control of Autopista del Sol, Concesionaria Española, S.A.  
(‘AUSOL’, Spain)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
   for Cintra : subsidiary of Ferrovial, an international infrastructure operator , 
active in the development of infrastructure concession projects in the 
transport sector and, in particular,  toll motorway s  in Spain.  
 
   for Meridiam : the management company of funds belonging to an 
international investment group that focuses on the deve lopment, financing 
and management of essential infrastructure projects in Europe, Canada and 
the United States . 
 
   for AUSOL : company active in road infrastructure management in Spain, 
including manage ment of  two real toll motorways consessions connecting 
Malaga with Estepona and Estepona with Guardiaro.  
                                                 
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, 3.1.199 4, p. 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 290, 28.08.2019 , p. 2. 

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 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)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .