Prior notification of a concentration (Case M.11891 – GREENYELLOW / STOA / DEG / YOKO ASSET MANAGEMENT 2) – Candidate case for simplified procedure
Date: 2025-02-11
Institutions: Directorate-General for Competition, European Commission
Subjects: Thailand, Viet Nam, economic concentration, energy policy, investment, investment company, merger control, renewable energy








C_202501007EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/1007


11.2.2025






Prior notification of a concentration
(Case M.11891 – GREENYELLOW / STOA / DEG / YOKO ASSET MANAGEMENT 2)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/1007)


1.   
On 31 January 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


GreenYellow Mekong BV (‘GreenYellow’, Netherlands), controlled by Ardian France SA (‘Ardian’, France),










—


STOA Infra & Energy (‘STOA’, France), controlled by Caisse des Dépôts et Consignation (‘CDC’, France),










—


DEG – Deutsche Investitions-und Entwicklungsgesellschaft MBH (‘DEG’, Germany), controlled by KfW Group (Germany),










—


Yoko Asset Management 2 Pte. Ltd (‘Yoko’, Singapore), controlled by GreenYellow (Netherlands) and ultimately controlled by Ardian (France).




GreenYellow, DEG, and STOA will acquire within the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control of the whole of Yoko.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


GreenYellow is involved in investment in renewable energy projects globally, in the sector of photovoltaic solutions and technologies that enhance energy efficiency,










—


STOA is an investor in large-scale infrastructure and energy projects in emerging and developing countries,










—


DEG finances long-term investments or private companies in developing and emerging-market countries.






3.   

The business activities of the undertaking Yoko are the following: a renewable energy and sustainability company, with activities in Thailand and Vietnam.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.11891 – GREENYELLOW / STOA / DEG / YOKO ASSET MANAGEMENT 2
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/1007/oj
ISSN 1977-091X (electronic edition)