NACE 64.2 – Activities of Holding Companies | Public Tenders

Definition: NACE 64.2 covers the activity of holding companies and equity-holding companies, whose principal purpose is to hold and manage interests in subsidiaries or associated companies without themselves providing operational services. In the public sector, these structures are widely used to organise municipal groups.

Legal basis: NACE Rev. 2 (Regulation (EC) No 1893/2006) · Last updated: January 2026

What does NACE 64.2 cover?

NACE 64.2 (Activities of holding companies) classifies holding companies that hold and manage corporate shareholdings — an organisational form frequently chosen at municipal level for municipal utility and infrastructure-related groups.

Group 64.2 within Section K (Financial and insurance activities) and Division 64 comprises one class:

In the public sector, holding companies frequently appear as the parent company of municipal utilities, energy supply and transport undertakings as well as as the carriers of public-private partnership arrangements.

Public Tenders: Sector NACE 64.2

Holding companies are relevant in public procurement both as contracting authorities and — less frequently — as specialised advisors for shareholding management.

Typical types of contract

• Shareholding management consultancy: Strategic consultancy for public contracting authorities on structuring municipal groups, valuation of shareholdings, M&A support in the public sector
• Due diligence services: Company valuations for privatisations or remunicipalisations, purchase price determination, legal and tax reviews
• Group steering and reporting: Set-up of shareholding controlling systems, reporting software for municipal shareholding administrations
• Public corporate governance: Consultancy on the implementation of the Public Corporate Governance Code (PCGK), supervisory board training
• Reorganisation consultancy: Restructuring of municipal corporate groups, mergers of municipal utilities, spin-offs

Thresholds and procedure types

Consultancy services in shareholding management are subject to the general procurement thresholds for service contracts (EUR 221,000 EU-wide). Highly specialised consultancy mandates are sometimes awarded in the negotiated procedure without prior publication, provided the strict statutory conditions are met.

Relevant CPV codes for NACE 64.2

Tenders involving holding companies use different CPV codes depending on the subject of the contract.

Current tenders with these CPV codes can be found on TED (Tenders Electronic Daily) as well as on national procurement platforms.

Who is NACE 64.2 relevant for in public procurement?

Public contracting authorities

Municipal holding companies are themselves frequently public contracting authorities within the meaning of public procurement law, provided they are predominantly active in the general interest and controlled by public bodies. This applies to numerous municipal utility holding companies, municipal energy suppliers and transport companies in Germany and Austria.

Companies and bidders

Management consultancies and auditing firms offering shareholding management consultancy for public contracting authorities typically need:

• Professional eligibility: Demonstrated experience in municipal shareholding management or public-sector M&A
• Technical capability: Reference projects with comparable public contracting authorities
• Economic capability: Sufficient professional liability insurance, annual turnover
• Certifications: Auditor authorisation (WP) or authorisation as a tax advisor, depending on the subject of the contract

NACE 64.2 in context: Section K and Division 64

NACE 64.2 is part of Division 64 (Financial service activities) within the financial and insurance Section K.

• NACE K – Financial and insurance activities: Parent section
• NACE 64 – Financial service activities: Parent division
• NACE 64.1 – Monetary intermediation: Banking services
• NACE 64.3 – Trusts, funds and similar financial entities: Fund services
• NACE 64.9 – Other financial service activities: Factoring, leasing

Frequently Asked Questions on NACE 64.2 and public tenders

Are municipal holding companies themselves subject to tendering obligations?
Yes, if they qualify as public contracting authorities under public procurement law. This is the case where they perform tasks predominantly in the general interest and are controlled by public bodies (capital majority or majority of voting rights).

What is the difference between a holding company (NACE 64.2) and an operating company?
A holding company primarily holds shareholdings and generally does not provide its own operational services in the market. Operational activity is carried out by the subsidiaries, which are classified according to their industry.

Are there specific procurement rules for in-house awards within municipal groups?
Yes. Services that a holding company awards to its subsidiary (or vice versa) may, under certain conditions, be exempt from public procurement law as a so-called in-house award — where control is comparable to performance in-house and the subsidiary provides more than 80 % of its activity for the contracting authority.

Last updated: January 2026
All information is provided without guarantee. For legally binding advice, please consult a law firm specialising in public procurement law.