Non-opposition to Liberty Global/Telefonica/Substantial Merger (Case M.12366)
Summary
The European Commission issued a non-opposition decision clearing the notified concentration involving Liberty Global, Telefonica, and Substantial under Case M.12366. The merger is permitted to proceed without conditions. The decision was published in the Official Journal of the European Union on 13 April 2026.
What changed
The European Commission has issued a non-opposition decision clearing the notified concentration between Liberty Global, Telefonica, and Substantial (Case M.12366). Under EU merger control regulations, concentrations above certain thresholds must be notified to the Commission for review. The Commission's non-opposition means the transaction may proceed without Phase II investigation.
For the merging parties and other market participants, this decision removes regulatory uncertainty and allows the transaction to close. Companies operating in the telecommunications sector should monitor whether this consolidation creates any downstream competitive effects that could trigger follow-on regulatory scrutiny or affect existing market positions.
What to do next
- Monitor for updates
Archived snapshot
Apr 13, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Non-opposition to a notified concentration (Case M.12366 – LIBERTY GLOBAL / TELEFONICA / SUBSTANTIAL)
C/2026/2301
OJ C, C/2026/2134, 13.4.2026, ELI: http://data.europa.eu/eli/C/2026/2134/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
ELI: http://data.europa.eu/eli/C/2026/2134/oj
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| | Official Journal
of the European Union | EN
C series |
| | C/2026/2134 | 13.4.2026 |
Non-opposition to a notified concentration
(Case M.12366 – LIBERTY GLOBAL / TELEFONICA / SUBSTANTIAL)
(Text with EEA relevance)
(C/2026/2134)
On 30 March 2026, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:
| — | in the merger section of the ‘Competition policy’ website of the Commission (https://competition-cases.ec.europa.eu/search). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32026M12366. EUR-Lex is the online point of access to European Union law. |
(1) OJ L 24, 29.1.2004, p. 1.
ELI: http://data.europa.eu/eli/C/2026/2134/oj
ISSN 1977-091X (electronic edition)
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