Prior notification of a concentration (Case M.12119 – ZEROTWO / WP / EVOLUTION) – Candidate case for simplified procedure
Date: 2025-09-05
Institutions: Directorate-General for Competition, European Commission
Subjects: South-East Asia, computer centre, economic concentration, investment, investment company, merger control, transmission network








C_202504938EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/4938


5.9.2025






Prior notification of a concentration
(Case M.12119 – ZEROTWO / WP / EVOLUTION)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/4938)


1.   
On 22 August 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:






—


ZeroTwo DC SPV Ltd (‘ZeroTwo’, United Arab Emirates), controlled by Abu Dhabi Developmental Holding Company PJSC (‘ADQ’, United Arab Emirates),










—


Warburg Pincus LLC (‘WP’, United States),










—


Frontier Global Investments Pte. Ltd. and Evolution DC Capital Pte. Ltd. (‘Evolution’, Singapore).




ZeroTwo and WP will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Evolution.
The concentration is accomplished by way of purchase of shares.


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






—


ZeroTwo serves as the digital infrastructure investment arm of ADQ. Since inception, ZeroTwo has deployed over 550 megawatts of gross IT load across purpose-built data centers in Abu Dhabi.










—


WP is a private equity firm headquartered in New York, USA. WP’s portfolio companies are active in a variety of sectors, including consumer, energy, financial services, healthcare, industrial and business services and technology, media and telecommunications.






3.   

The business activities of the undertaking Evolution are the following: Evolution builds, owns and operates data centre infrastructure to support Cloud and AI growth across Southeast Asian emerging markets (Philippines, Thailand and Vietnam). Currently, none of Evolution’s data centers is operational. Evolution has no activities in the EU/EEA.



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:
Case M.12119 – ZEROTWO / WP / EVOLUTION
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/2025/4938/oj
ISSN 1977-091X (electronic edition)