Mergers: Commission clears the acquisition of joint control of MMC by Telefonica and BBVA
Daily News 03 / 12 / 2020
Source: European Commission Spokesperson's Service
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Movistar Money Colombia (‘MMC’), a newly created company constituting a joint venture based in Colombia, by Telefónica, S.A. and Banco Bilbao Vizcaya Argentaria, S.A. (‘BBVA’), both of Spain. MMC will be granting consumer loans in Colombia.
Telefonica is an international telecommunications group. BBVA is a global banking group.
The Commission concluded that the proposed acquisition would raise no competition concerns given that the joint venture has no, or negligible, current or planned activities within the European Economic Area. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission's competition website, in the public case register under the case number M.10007.