CELEX: 32021M10427
Language: en
Date: 2021-10-05 00:00:00
Title: Commission Decision of 05/10/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10427 - KKR / TELEFONICA / INFRACO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 5.10.2021
                                                                 C(2021) 7326 final
                                                                                 PUBLIC VERSION
                                                                 KKR & Co. Inc.
                                                                 30 Hudson Yards
                                                                 10001 New York, NY
                                                                 United States of America
                                                                 Telefónica, S.A.
                                                                 Edificio Central – 2a planta,
                                                                 Ronda de la Comunicación s/n
                                                                 28050 Madrid
                                                                 Spain
Subject:        Case M.10427 — KKR/ Telefónica/InfraCo
                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 13 September 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which KKR & Co.
        Inc. (USA, ‘KKR’) and Telefónica, S.A. (Spain, ‘Telefónica’) acquire within the
        meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control over the
        whole of the undertaking InfraCo (Colombia), a company not yet incorporated which
        will operate Telefónica’s fibre network in Colombia by way of purchase of shares in a
        newly created company constituting a joint venture.3
2.      The business activities of the undertakings concerned are:
             for KKR: global investment firm offering alternative asset management and
              capital markets and insurance solutions,
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 383, 21.09.2021, p. 9.
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.
 ---pagebreak---        for Telefónica: global telecommunications company operating fixed and mobile
        communication networks, offering mobile, landline, internet and television
        services under a number of brands,
       for InfraCo: operation and deployment of the fibre network infrastructure for the
        provision of wholesale telecommunication services in Colombia.
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 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 Agreement.
                                                  For the Commission
                                                  (Signed)
                                                  Olivier GUERSENT
                                                  Director-General
4  OJ C 366, 14.12.2013, p. 5.
                                              2