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,  22.05.2019  
C(2019)  3971 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M.9364 STOA / INFRAVIA II INVEST / SBI CRYPTO 
INVESTMENT / TIGER INFRASTRUCTURE EUROPE / ETIX GROUP  
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 April  2019, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Stoa S.A. 
(“Stoa”, France), controlled by Caisse des Dépôts et Consignations (“CDC”, France) , 
InfraVia II Invest S.A. (“InfraVia”, Luxembourg), controlled by InfraVia Capital 
Partners SAS (“InfraVia Capital Partners”, France) , SBI Crypro Investment Co. Ltd. 
(“SBI”, Japan), controlled by SBI Holdings, Inc. (Japan), Tiger Infrastructure Europe 
S.a.r.l. (“Tiger”, Luxembourg), controlled by Tiger Infrastructure Partners Fund LP 
(USA),  acquire, within the meaning of Article 3(1)(b)  and 3(4) of the Merger 
Regulation joint control of the whole of Etix Group S.A. (“Etix”, Luxembourg ), 
constituting a joint venture (“JV”) , by way of purchase of shares by Stoa .3 
In parallel, Keppel Data Centers Holding Pte. Ltd. (“KDC”), a Singapore -based  
company, will also acquire shares in the Target, but without obtaining veto rights 
granting control under the EU Merger Regulation.  
2. The business activities of the undertakings concerned are:  
− for Stoa: investment company ; 
− for Etix: provision of data centers services in Europe, Africa, Latin America and 
South- East Asia . 
 
                                                 
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 1 57, 08.05.2019 , p 13. 

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(a)/ (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)  
Johannes LAITENBERGER 
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.