EU clears creation of joint venture by KKR and Spain’s Telefónica

The EU has approved of the prospect of joint venture by KKR and Spain’s Telefónica. InfraCo will operate Telefónica’s fibre network in Colombia.

The European Commission has approved, under the EU Merger Regulation, the creation of InfraCo SAS, a new joint venture based in Colombia, by KKR&Co Inc. of the US and Telefónica SA of Spain.

InfraCo will operate Telefónica’s fibre network in Colombia. KKR is a global investment firm offering alternative asset management and capital markets and insurance services.

Telefónica is a global telecommunications company operating fixed and mobile communication networks and offering mobile, landline, internet and television services under a number of brands.

The Commission concluded that the proposed acquisition would raise no competition concerns, given that InfraCo has no actual or foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.

In January-December 2020 Telefónica had consolidated revenues of 43,076 million euros and more than 345.4 million total accesses, 266 million mobile phones accesses, 20 million Internet and data accesses and 8 million pay TV accesses.

Telefónica is a 100 per cent listed company with more than 1.2 million shareholders.

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