The European Commission today announced its approval for a new joint venture between Prosegur Compañía de Seguridad, S.A (‘Prosegur’) and EFT Services Holding B.V. (‘Euronet’).

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.

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

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.