For the purpose of EU antitrust law, any entity engaged in an economic activity, that is, an activity consisting in offering goods or services on a given market, regardless of its legal status and the way in which it is financed, is considered an undertaking. To qualify, no intention to earn profits is required, nor are public bodies by definition excluded. The rules governing concentrations speak of ‘undertakings concerned’, that is, the direct participants in a merger or in the acquisition of control.

Source: Glossary of terms used in EU competition policy, Antitrust and control of concentrations, European Commission, 2002