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, 1.3.2019  
C(2019 ) 1837 final  
 
Intermediate Capital Group plc  
 
 
To the notifying party:  
 
Subject : Case M .9275  – INTERMEDIATE  CAPITAL GROUP / GRUPO 
KONECTANET / KONECTA ACTIVOS INMOBILIARIOS  
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 05 February 2019 , the  European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which  the undertaking  
Intermediate Capital Group, plc. (‘ICG’, United Kingdom)  acquire s within the meaning of 
Article 3(1)( b) of the Merger Regulation  control over the whole of the undertaking3 Grupo 
Konectanet (Spain) and Konecta Activos Inmobiliarios (Spain) (together, ‘Konecta 
Group’)  by way of purchase of shares .4 
2. The business activities of the undertakings concerned are:  
 ICG is an investment firm active in the structuring and provision of mezzanine 
finance, leveraged credit and minority equity, managing assets from third party 
investors and its balance sheet with investment portfolios in Europe, Asia Pacific and 
the US,  
                                                 
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 b e used 
throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the 'EEA Agreement '). 
3  Pursuant to a share sale and purchase agreement subscribed to by the Parties , Konecta Group will be jointly 
controlled by ICG and a number of individuals  collectively referred to as “the Managers”,  who do not control 
other undertakings, nor carry out further economic activities on their own account, and who therefore are not 
considered to be an undertaking concerned under the Merger Regulation . 
4  Publicat ion in the Official Journal of the European Union No C 55, 12.02.2019 , p. 18. 
PUBLIC VERSION  
2  Konecta Group is active globally in the provision of business process o utsourcing and 
contact centre services to telecommunications, utilities, banking, insurance, public 
administration or transport companies.  
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 procedure for treatment of certain concentrations 
under Council Regulation (EC) No 139/2004 .5 
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)  
Johannes LAITENBERGER  
Director -General  
 
 
                                                 
5  OJ C 366, 14.12.2013, p. 5 .