CELEX: 32021M10210
Language: en
Date: 2021-04-30 00:00:00
Title: Commission Decision of 30/04/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10210 - KKR / TELEFONICA / INFRACO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 30.4.2021
                                                                C(2021) 3204 final
                                                                                 PUBLIC VERSION
                                                                KKR & Co. Inc.
                                                                30 Hudson Yards
                                                                NY 10001- New York
                                                                United States of America
                                                                Telefónica, S.A.
                                                                Distrito Telefónica, Edificio Central,
                                                                Planta 2ª, Ronda de la Comunicación
                                                                s/n
                                                                28050-Madrid
                                                                Spain
Subject:        Case M.10210 - KKR / TELEFONICA / INFRACO
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
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 KKR & Co.
        Inc. (USA) and Telefónica, S.A. (Spain) acquire within the meaning of Articles
        3(1)(b) and 3(4) of the Merger Regulation indirect joint control over the whole of
        InfraCo SpA (Chile) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             For KKR & Co. Inc.: global investment firm that manages multiple alternative
              asset classes including private equity, energy, infrastructure, real estate and credit,
              with strategic partners that manage hedge funds, offering a broad range of
              investment management services to fund investors and provides capital markets
              solutions to the firm, its portfolio companies and third parties,
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 120, 08.04.2021, p.5.
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 S.A.: global telecommunications company headquartered in
        Madrid, Spain, which operates fixed and mobile communication networks. It
        offers mobile, landline, internet and television services under a number of brands,
        including Movistar, O2 and Vivo. Telefónica is listed on the Madrid, New York,
        and Lima Stock Exchanges,
        for InfraCo SpA: company headquartered in Chile which was incorporated in
        January 2020 by Telefónica Chile S.A., a company part of the Telefónica group,
        to operate Telefónica Chile S.A.’s fiber network in Chile. Specifically, InfraCo’s
        business will consist of building, operating and marketing fiber optic network
        infrastructure for the provision of wholesale telecommunications services in
        Chile.
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) and 5(b) 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.
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