The European Commission's DG Competition cleared Case M.12366 involving the concentration of Liberty Global, Telefonica, and Substantial. The Commission issued a decision under Article 6(1)(b) of Council Regulation 139/2004 on March 30, 2026, finding that the concentration would not raise competition concerns. The case proceeded under the super-simplified procedure, indicating a straightforward assessment with no identified issues requiring further investigation.

The parties may proceed with the transaction. No conditions or obligations were attached to this Phase 1 clearance. The parties should verify whether merger notifications are required in other jurisdictions where they operate and maintain documentation of this EU clearance for cross-border regulatory purposes.