On 12 November 2019, the Authority concluded its investigation, launched on 4 September 2019, to assess the effects on competition of the acquisition of the sole control of Persidera S.p.A. by Terzo Fondo per le Infrastrutture by F2i S.G.R. S.p.A..

The concentration consists in the demerger of Persidera, a network operator in the digital terrestrial television (DTT) broadcasting market, into NetCo, which will include the corporate compendium of terrestrial broadcasting infrastructures (passive infrastructures and broadcasting equipment), and MuxCo, which will hold purely intangible assets (rights of use of frequencies) as well as certain network assets and will manage business relations with television broadcasters (audiovisual media service providers). The entire capital of MuxCo will be acquired by a company specifically set up by F2i TLC 1 S.p.A., while the entire capital of NetCo will be acquired by EI Towers S.p.A.

The investigation confirmed that the acquisition of Persidera S.p.A. by F2i, due to the control of EI Towers S.p.A. by F2i, will strengthen the dominant position of the new entity in the television broadcasting infrastructures market such as to eliminate or substantially and permanently reduce competition in that market and in the downstream markets, in particular, in the markets for (i) digital broadcasting, (ii) free television, (iii) pay-TV and (iv) TV advertising.

For this reason, the Authority imposed, pursuant to Article 6, paragraph 2, of Law No. 287 of 10 October 1990, remedies aimed at eliminating the competition issues emerged during the proceedings, in line with the remedies proposed by the Parties during the proceedings.

In particular, the remedies consist of: (i) obligations to provide access and deliver hospitality services, maintenance on fair, reasonable, transparent and non-discriminatory terms and in any case no worse than those currently applied by EI Towers; (ii) obligations to deliver full services on fair, reasonable and non-discriminatory terms on the basis of an unbundled approach, in which the network operator is free to define the extent of the services offered and the degree of its technological autonomy; (iii) measures relating to the independence of MuxCo; (iv) measures to reduce the risk of information exchange between MuxCo, NetCo, EI Towers, F2i and Mediaset; (v) measures to change the risk sharing clauses between EI Towers, NetCo and MuxCo and  to assure the pass-on  of part of the efficiencies generated on NetCo to MuxCo, for the benefit of the latter's customers.

Rome, 15 November 2019