European Union: European Commission announced investigation into acquisition of Evolution by ZeroTwo and WP

On 22 August 2025, the European Commission announced an investigation under the European Union Merger Regulation concerning a proposed concentration in which ZeroTwo, controlled by Abu Dhabi Developmental Holding, and Warburg Pincus based in United States will jointly acquire control of Frontier Global Investments and Evolution DC, jointly referred to as Evolution. The merger involves data centre infrastructure, with ZeroTwo already investing in large-scale facilities in Abu Dhabi, Warburg Pincus active across multiple sectors, and Evolution focused on building data centres to support artificial intelligence and cloud services in Southeast Asia. It was stated the entities currently have no operational sites or activities in the European Union or European Economic Area.