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, 22.04.2021  
C(2021 ) 2965 final  
PUBLIC VERSION  
Telefónica  S.A. 
Ronda de la Comunicación s/n   
28050 - Madrid  
Spain  
 
Caisse de dépôt et placement du 
Québec  
1000 place Jean -Paul-Riopelle    
H2Z 2B3 – Montréal - Québec  
Canada  
Subject : Case M.10222 - CDPQ / TELEFÓNICA / FIBRASIL JV  
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 March 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Caisse de 
dépôt et placement du Québec  (Canada)  and Telefónica S.A. (Spain)  acquire within 
the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control 
over the whole of  FiBrasil Infraestrutura e Fibra Ótica SA (  Brazil ) by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for CDPQ : long-term institutional investo r managing funds primarily for public 
and parapublic pension and insurance plans. It invests these funds globally in 
major financial markets, private equity, infrastructure, and real estate,  
                                                 
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 117, 6.04.2021 , p. 8. 

2  for Telefónica : parent company of the Telefónica group, which is an international 
group active in the telecommunications sector, offering communication, 
information and entertainment solutions, with a presence in several EU Member 
States (Spain and Germany), the United Kingdom, and s everal Latin American 
countries,  and 
 for FiBrasil : joint venture dedicated to the construction, development and 
operation of a neutral and independent optical fibre wholesale network in Brazil. 
FiBrasil is set to deploy and operate fibre -optic networks in selected mid -size 
cities across Brazi l, and to offer fibre -to-the-home wholesale access to all 
telecommunications service providers.  
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 t o 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 .