The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Repsol Customer Centric, S.L. (‘Repsol’) and Telefónica de España, S.A.U., (‘Telefónica’), both of Spain.
The joint venture will be active in the implementation of photovoltaic projects in Spain, mainly consisting in the acquisition, installation and maintenance of ground-level or rooftop solar panels for households’ and businesses’ self-consumption.
Repsol is active, among other, in the commercialisation and transportation of oil and gas, the production and commercialisation of fuels, lubricants, and chemicals, as well as the development and management of service stations and the generation and commercialisation of electricity and gas.
Telefónica is a global telecommunications and mobile network operator, operating under a number of brands, including Movistar, Virgin Media O2 and Vivo, representing mobile, landline, internet and television services.
The Commission concluded that the proposed acquisition would raise no competition concerns, given the limited overlaps and the fact that a number of strong players would remain in the market after the merger. The transaction was examined under the simplified merger review procedure.