Altice: fined by European Union

(CercleFinance.com) - At times waiting is costly.


Indeed, there is no doubt that Altice, which has already been disciplined by the French Competition Authority in connection with the acquisition of SFR, will remember this...

Guilty of not having waited for Brussels' approval for the acquisition of Portugal Telecom, the European Commission has fined Altice 124.5 million euros, we learned at lunchtime today.

A decision against which the multinational cable and telecom group has obviously taken exception to while fearing that it creates a precedent and may impact future M&As in the European Union.

Altice had informed the European Commission of its desire to acquire PT Portugal in February 2015, a transaction that was authorised two months later, subject to the sale of Altice's Portuguese businesses at the time. The group then quickly conducted the takeover, as soon as this authorisation had been obtained, and the European Commission launched a procedure for an early takeover in May 2017.

The axe has now fallen eleven months later...


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