Prior notification of a concentration (Case M.12207 – ARDIAN / FIH / MILIONE) – Candidate case for simplified procedure
Date: 2026-01-15
Institutions: Directorate-General for Competition, European Commission
Subjects: Brussels region, Lombardy, Veneto, airport, banking, economic concentration, holding company, investment company, merger control, provision of services, shareholder








C_202600365EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/365


15.1.2026






Prior notification of a concentration
(Case M.12207 – ARDIAN / FIH / MILIONE)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/365)


1.   
On 23 December 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:






—


Ardian France S.A. (‘Ardian’, France),










—


Finanziaria Internazionale Holding S.p.A. (‘FIH’, Italy),










—


Milione S.p.A. (‘Milione’, Italy), currently controlled by FIH, Infra Hub S.r.l. and Leone Infrastructure S.r.l. (all of Italy).




Ardian and FIH will acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control of Milione.
The concentration is accomplished by way of purchase of shares.


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






—


Ardian is a long term European-based private investment firm managing around USD 192 billion (as of June 2025) across Europe, the Americas and Asia,










—


FIH is a holding company, and its group is active in the macro-areas of investment banking, asset management, and proprietary investments. FIH is mainly active in Italy, with limited activities in Luxembourg, Spain, Netherlands, Ireland, Germany, France and in the United States.






3.   

The business activities of Milione are the following: holding company and controlling shareholder of SAVE S.p.A. (Italy), the concessionaire of the Venice airport which holds controlling interests in the companies managing the airports of Treviso and Charleroi, with additional stakes in the Verona and Brescia airports and in companies providing airport-related services such as parking, IT, ground handling, mail handling and advertising.



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.12207 – ARDIAN / FIH / MILIONE
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/2026/365/oj
ISSN 1977-091X (electronic edition)