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, 14.11.2022  
C(2022 ) 8339 final  
PUBLIC VERSION  
Crow n Infra Bidco Limited  
C/O Hackwood Secretaries Limited, One 
Silk Street  
EC2Y 8HQ   London  
United Kingdom,  
 
Liberty Global plc  
Griffin House, 161 Hammersmith Road  
London W6 8BS 
United Kingdom  
 
Telefónica Infra, S.L.U  
Distrito Telefónica  
Ronda de la Comunicación s/n 28050  
28050 - Madrid  
Spain  
Subject : Case M.10906 - INFRAVIA / LIBERTY GLOBAL / TELEFÓNICA / 
OPAL  
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 18 October 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which  Crown Infra 
Bidco Limited (“InfraVia Bidco” , UK ), a company indirectly  controlled by InfraVia 
European Fund V , a fund managed by  InfraVia Capital Partners S.A.S. (‘InfraVia’, 
France ), Liberty Global plc  (‘Liberty Global ’, UK ) and Telefónica S.A. (‘Telefónica’, 
Spain),  will acquire within the meaning of Article 3(1)(b)  and 3(4)  of the Merger 
                                                 
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 ’). 

 
2 Regulation joint control over the whole of Liberty Global Investment JVco Limited 
(‘Opal’, UK)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 for InfraVia , an independent investment company, acting as a management 
company of investment funds specialised in the infrastructure and technology 
sectors,  
 for Liberty Global, operation of cable networks offering television, broadband 
Internet, fixed -line voice telephony and mobile telecommunications services in 
several countries in Europe , including t hrough VMED O2 UK Limited (‘ Virgin 
Media O2 ’) in the UK, which is jointly controlled with Telefónica,  
 for Telefónica, global telecommunications company operating fixed and mobile 
communication networks, offering mobile, landline, internet and television 
services under a number of brands, including through Virgin Media O2 in the 
UK, which is jointly controlled with Liberty Global.  
3. The business activities of Opal  will be to construct and operate a wholesale fibre -to-
the-home network with a view to wholesaling  the network to Virgin Media O2, third 
party internet service providers and business customers in the UK.  
4. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulati on 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 
5. 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 Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
3  Publication in the Official Journal of the European Union N o C 410, 26.10.2 022, p.8. 
4  OJ C 366, 14.12.2013, p. 5 .