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, 7.6.2022  
C(2022 ) 3862 final  
PUBLIC VERSION  
Ardian  
Calle de Fortuny, 6  
28010, Madrid  
Spain 
 
FiveT Group and FiveT Hydrogen  
Seedammstrasse , 3 
CH-8808,  Pfaffikon,  
Switzerland  
 
Enagas  
Po Olmos,  19  
28005, Madrid   
Spain  
Subject : Case M. 10700  – HY24 / ENAGAS / ENAGAS RENOVABLE  
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 11 May 2022 , the European  Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which HY24 SAS 
("HY24" , France ), jointly controlled by  Ardian SAS ("Ardian" , France ) and FiveT 
Group AG ("FiveT Group" , Switzerland ), and Enagás, S.A. ("Enagás" , Spain ), will 
acquire within the meaning of Article 3(1)(b)  and 3(4)  of the Merger Regulation joint 
control over the whole of Enagás Renovable, S.L.U. ("Enagás Renovable", Spain), 
currently under sole control of Enagás , by way of pur chase 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  OJ C 201, 18.5.2022  p. 95. 

2 2. The business activities of the undertakings concerned  are the following : 
 Ardian is a private equity group comprised of various management companies 
and investment funds which invest in companies involved in a wide range of 
businesses (suc h as healthcare, infrastructure, energy, consumer goods or new 
technologie s sectors) throughout the world , 
 FiveT Group is the holding company of a group of funds based in Switzerland, 
where FiveT Hydrogen is a clean private infrastructure fund dedicated to  the 
financing of projects in the production, storage and  distribution of clean 
hydrogen,  
 Enagás is a Spanish natural gas transmission company and Technical Ma nager of 
the Spanish gas system,  
 Enagás Renovable is active on  the development of projects in the  field of 
renewable gases and decarbonization . 
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 simp lified 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .