EU Gives Conditional Approval to Orange, MasMovil Deal in Spain
By Adria Calatayud
The European Union's antitrust authority approved a proposed combination between Orange's Spanish business and local telecommunications operator MasMovil, subject to conditions.
The European Commission--the bloc's antitrust enforcer--said Tuesday that its approval is conditional upon compliance with a package of remedies offered by the parties, including a sale of telecom spectrum to Romania's Digi Communications and an option for Digi to enter into a national wholesale agreement.
In response, Orange and MasMovil said the decision was favorable, with balanced remedies in favor of an already existing player. The companies plan to complete the deal by the end of the first quarter.
Orange and MasMovil in July 2022 agreed to combine their Spanish operations, creating a business with an enterprise value--including debt--of 18.6 billion euros ($20.05 billion).
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
February 20, 2024 09:13 ET (14:13 GMT)
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