European Commission Clears Creation of Joint Venture by Prosegur and Euronet

Fazzaco learned that the European Commission announced it has approved establishment of joint venture between Prosegur Compañía de Seguridad, S.A (‘Prosegur’) and EFT Services Holding B.V. (‘Euronet’).

According to the official announcement, the Commission has approved, under the EU Merger Regulation, the acquisition of joint control over a newly created company constituting a joint venture based in Spain, by Prosegur and Euronet’.

The joint venture will own, develop and operate independent ATM networks and will provide outsourced ATM services to financial institutions in certain Central and Latin America countries.

Euronet is an electronic payments provider. Prosegur offers security services to companies, homes and businesses.

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.

Last month, Fazzaco reported European Commission announced it has imposed a penalty of €6.45 million​ ($7.9 million) on ICAP, the world’s largest interdealer broker, for participating in several cartels in the area of the Yen Interest Rate Derivatives (‘YIRDs’) trading market.

The transaction was examined under the simplified merger review procedure.