The European Commission said on Tuesday that the EC has approved, under the EU Merger Regulation, the acquisition of joint control over a newly created full-function joint venture by Repsol and KIA, both of Spain.

According to the Commission, the joint venture will carry out a car-sharing business in Madrid. Repsol is a publicly listed integrated energy company headquartered in Madrid.

KIA is a wholly owned subsidiary of Kia Motors Company – the holding for Kia Group, which is ultimately controlled by the Hyundai Motor Company. The company operates as a car distributor in Spain.

The Commission said the EC concluded that the proposed acquisition of joint control would raise no competition concerns given the very limited size of the activities of the joint venture. The operation was examined under the simplified merger review procedure.