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, 25.11.2022  
C(2022) 8772  final 
PUBLIC VERSION  
Predica Prévoyance Dialogue du 
Crédit Agricole  
16/18 Boulevard de Vaugirard  
75015 Paris  
France  
 
Vauban Infrastructure Partners  
115 Rue Montmartre  
75002 Paris  
France  
 
Telefónica,  S.A. 
28 Gran Vía St.  
28013 Madrid  
Spain  
Subject : Case M. 10897 – PREDICA / VAUBAN / TELEFONICA / BLUEVIA  
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 3 November 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation, by which the 
undertakings Prévoyance Dialogue du Crédit Agricole  S.A.* (“Predica”, France), 
Vauban Infrastructure Partners S.C.A. (“Vauban”, France) and Telefonica S.A. 
(“Telefonica”, Spain) will acquire within the meaning of Articles 3(1)(b) and 3(4) of 
the Merger Regulation joint control over the whole of the undertaking Bluevia Fibra, 
S.L. (“Blue via”, Spain ) 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 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 438, 18.11 .2022 , p. 12-13. 
*  Should read  : ‘Predica Prévoyance D ialogue du Crédit Agricole S.A. ’ 

2 2. The business activities of the se undertakings are  the following : 
 Predica is a life and health insurance company and is a wholly owned subsidiary 
of Crédit Agricole Assurances S.A,  
 
 Vauban is a European asset mana gement company with a focus on infrastructure 
equity investments in the design, construction, maintenance, financing and 
operation of essential infrastructure assets in the transportation, social , digital 
and utilities sectors,  
 
 Telefonica is a ctive in the  telecommunications, media and entertainment sectors, 
focused around services of wireline and wireless telephony, broadband, internet, 
data traffic, Pay TV and other digital services , 
 
 Bluevia will operate and exploit a n FTTH network in rural and other  less 
populated areas in Spain.  
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 (b) 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 no tified 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)  
Olivie r GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .