Merger Case M.8694 | Acquisition of Abertis by Hochtief

Summary:

The European Commission decided on 6 February 2018 to clear, under the EU Merger Regulation, the proposed acquisition of Abertis by Hochtief.

Further information:

The Commission found that the proposed transaction would raise no competition concerns and the merged entity would still face a number of strong competitors. The Commission also found that the market for toll motorway concessions is a highly regulated bidding market, further preventing the merged entity from weakening competition.

Hochtief's offer to acquire Abertis came as a counter-bid to a different offer by Atlantia. Atlantia and Hochtief competed against each other to take control over Abertis. The Commission also cleared unconditionally Atlantia's offer for Abertis.

Abertis manages and operates toll road infrastructure. Hochtief, ultimately controlled by the ACS Group, is mostly active in the construction sector.

• Primary Source

Reuters, 06.02.18: Hochtief gains unconditional EU approval for Abertis buy https://www.reuters.com/article/idUSKBN1FQ2F2

European Commission: Press Release, 06.02.18: Commission approves the proposed acquisition of Abertis by Hochtief http://europa.eu/rapid/press-release_IP-18-663_en.htm

---