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, 5.10.2021  
C(2021 ) 7326 final  
PUBLIC VERSION  
KKR & Co. Inc.  
30 Hudson Yards   
10001 New York, NY  
United States of America  
 
Telefónica, S.A.  
Edificio Central – 2a planta,  
Ronda de la Comunicación s/n   
28050 Madrid  
Spain  
Subject : Case M.10427 — KKR/ Telefónica /InfraC o  
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 13 September 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  KKR & Co. 
Inc. (USA, ‘KKR’)  and Telefónica, S.A. (Spain, ‘Telefónica’ ) acquire within the 
meaning of Article s 3(1)(b)  and 3(4)  of the Merger Regulation joint control over the 
whole of the undertaking  InfraCo (Colombia), a company not yet incorporated which 
will operate Telefónica ’s fibre network in Colombia  by way of purchase of shares  in a 
newly created company constituting a jo int venture .3 
2. The business activities of the undertakings concerned are:  
 for KKR : global investment firm offering alternative asset management and 
capital markets and insurance solutions,  
                                                 
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 383, 21.09.2021 , p. 9. 

2  for Telefónica : global telecommunications company operating fixed an d mobile 
communication networks, offering mobile, landline, internet and television 
services under a number of brands,  
 for InfraCo : operation and deployment of the fibre network infrastructure for the 
provision of wholesale telecommunication services in Co lombia . 
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) 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .