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In electronic form on the EUR-Lex website under document number 32023M11243
Brussels, 16.10.2023 C(2023) 7073 final
KKR & Co. Inc. 30 Hudson Yards 10001 New York United States of America
Telefónica, S.A. Distrito Telefónica, Edificio Central, 2a – planta, Ronda de la Comunicación 28050 Madrid Spain
Dear Sir or Madam,
1.On 21 September 2023, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which undertakings KKR & Co. Inc. (“KKR”, Delaware, United States) and Telefónica, S.A. (“Telefónica”, Spain), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the undertaking PangeaCo 3S.A.C. (“Target”, Peru) by way of purchase of shares.
The business activities of the undertakings concerned are the following:
-− KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions,
-− Telefónica is a global telecommunications company, 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.
1OJ 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.
2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).
3Publication in the Official Journal of the European Union No C 344, 29.09.2023, p. 229.
PangeaCo S.A.C., a subsidiary of Telefónica, is a company incorporated in Peru to operate and deploy a fiber network infrastructure for the provision of wholesale telecommunications services in Peru.
4.After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraphs 5(a) and 5(c) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
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
4OJ C 160, 5.5.2023, p. 1–10.
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