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, 27.09.2022  
C(2022 )7001 final  
PUBLIC VERSION  
F2i SGR S.p.A.  
San Protaso 5  
IT-20121, Milan  
Italy 
 
Grupo Villar Mir , S.A.U.  
Paseo de la Castellana, 259D  
(Torre Emperador), Floor 51  
ES-28046, Madrid  
Spain  
Subject : Case M. 10866 - F2i / GVM / GENERATION AND SUPPLY BUSINESSES  
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 5 September  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation, by which the 
undertaking  F2i SGR S.P.A. ( “F2i”, Italy) , by way of purchase of shares,  will acquire 
within the meaning of Article 3(1)(b)  of the Merger Regulation sole control over  
certain subsidiaries of Villar Mir  Energía, S.L.U.  (“VME”, Spain ; the relevant 
subsidiaries of VME together the “Generation Business”) , belonging to Grupo  Villar 
Mir, S.A.U. (“GVM”, Spain), ultimately controlled by its majority shareholder Mr. 
Juan Miguel Villar Mir (Spain) . In addition, F2i and GVM  will acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation  joint control of Energya  
VM Generación, S.L.U. (the “Supply Business JV” , Spain ), currently a wholly owned 
subsidiary of GVM, by way of purchase of shares .3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning 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 351, 14.09 .2022 , p. 8. 

 
2 2. The business activities of the undertakings concerned  are the following : 
 F2i is a private equity investor with investments in the following sectors: 
transportation and logistics, distribution networks, telecommunications, green 
energy, circular economy and health and social facilities , 
 GVM is a family -owned industrial group active in the production and supply of 
electricity, t he supply of gas, the production of silicon - and manganese -based 
alloys and ferroalloys, and the promotion of real estate,  
 The Generation Business is active in the production of electric energy, primarily 
through wind farms, in Spain.  
3. The Supply Business J V is active in  retail supply of electricity and natural gas . 
4. 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 No tice 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  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .