Merger Case M.7993 | Acquisition of PT Portugal by Altice

Author (Corporate)
Publication Date 2017-2018
Content Type

Summary:

The European Commission sent on 18 May 2017 a Statement of Objections over an alleged breach of the EU Merger Regulation by telecommunications company Altice by implementing its acquisition of PT Portugal before notification or approval by the Commission. On 24 April 2018, the Commission announced the decision to impose a €124.5 million fine on Altice for the breaching of the Regulation.

Further information:

On 9 December 2014, Altice entered into a transaction agreement with Oi, the Brazilian telecommunications operator which controlled PT Portugal, to acquire sole control of PT Portugal. The transaction was notified to the Commission in February 2015 and approved in April 2015, subject to the divestment of Altice's businesses in Portugal at the time, Oni and Cabovisão.

Source Link http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=2_M_7993
Related Links
News
Reuters, 24.04.18: EU fines Altice $153 million for closing PT Portugal deal early https://www.reuters.com/article/idUSKBN1HV12U

Official
European Commission: Press Release, 18.05.17: Commission alleges Altice breached EU rules by early implementation of PT Portugal acquisition http://europa.eu/rapid/press-release_IP-17-1368_en.htm
European Commission: Press Release, 24.04.18: Commission fines Altice €125 million for breaching EU rules and controlling PT Portugal before obtaining merger approval http://europa.eu/rapid/press-release_IP-18-3522_en.htm

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