Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP ME RGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 18.06.2021  
C(2021)  4632 final  
PUBLIC VERSION 
Intermediate Capital Group plc 
Procession House, 55 Ludgate Hill, EC4M 7JW London,  
United K ingdom  
Subject : Case M. 10282 ― ICG /Infra 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 May 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which the 
undertaking  Intermediate Capital Group plc (“ICG”, United Kingdom)  acquires  within 
the meaning of Article 3(1)(b) of the Merger Regulation control over the whole of the 
undertaking Infra International NV3 (“Infra Group”, Belgium)  by way of purchase of 
shares .4 
2. The business activities of the undertakings concerned are:  
− ICG: a UK -based investment firm, with investments in  various companies across 
Europe, Asia Pacific and the US . These companies include inter alia ennit Group, 
a German -based telephony and internet services company which owns and leases 
networks under its brand TNG. Its subsidiaries Stadtnetze Nord and Glasfaser Nord provide infrastructure network services necessa ry for the expansion of 
TNG’s fibre -optic network, 
                                                 
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  While a natural person, Mr Tom Vendelmans, will also hold veto rights which could be considered to 
confer decisive influence over Infra Group, he does not carry out further economic activities on his own 
account or control any other undertaking. As such, he is not considered an undertaking concerned 
acquiring/retaining control pursuant to points 12 and 151 of the Commission Consolidated Jurisdictional Notice under Council Reg ulation (EC) No 139/2004 on the control of concentrations 
between undertakings  (OJ C 95, 16.4.2008, p. 1– 48). 
4  Publication in the Official Journal of the European Union No C 210, 3.6.2021, p. 15. 

2 − Infra Group: an infrastructure works provider (electricity, water & sewage, gas & 
district heating, telecom, earthmoving, industry, and public lighting). It offers a 
full range of services from design, eng ineering and installation to the maintenance 
of infrastructure networks. Infra Group is active in Belgium, France, the Netherlands and Germany. It is currently envisaged that, at the closing of the 
notified transaction, Infra Group will also have completed the acquisition of the 
Graf group, a German civil engineering company that provides network construction services. 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merge r Regulation and of 
paragraph 5( c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.
5 
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 Agre ement . 
For the Commission 
  (Signed)  
Olivier GUERSENT  
Director -General  
                                                 
5  OJ C 366, 14.12.2013, p. 5.