Altice accused of gun-jumping regulatory approval in PT deal

News General Portugal 18 MEI 2017
Altice accused of gun-jumping regulatory approval in PT deal

The European Commission has accused Altice of breaching EU merger rules by implementing its acquisition of telecommunications operator PT Portugal before notification or approval by the Commission. Altice said it does not agree with the European Commission's preliminary conclusions, and will submit a full response to the statement of objections to contest the matter. The investigation proceedings do not affect the approval granted by the European Commission for the acquisition of PT Portugal by Altice in April 2015. 

Last year Altice agreed to pay a fine of EUR 80 million for a similar offence in France during its takeover of SFR. The settlement with the French Competition Authority saw the company admit to ‘gun-jumping’ practices relating to the acquisition of SFR and Virgin Mobile in 2014. The regulator found that the companies had started cooperating on their commercial activities before being given the regulatory green light for the merger.

Categories:

General

Companies:

European Commission,  Altice Europe,  PT Portugal

Countries:

Portugal

Tags:

Regulations, M&A buyouts & divestments

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