The EU Commission fines €124.5 million a multinational cable and telecoms company for having implemented its acquisition prior to notifying the transaction and receiving clearance (Altice / PT Portugal)

The EU Commission has imposed a fine of €124.5 million on Altice, a multinational cable and telecoms company, for having implemented its acquisition of Portuguese telecoms operator PT Portugal prior to notifying the transaction and receiving clearance under the EU Merger Regulation (EUMR), so-called "gun-jumping". The level of the fine reflects the Commission's strict approach to breaches of the EUMR's fundamental rules "which undermine the effective functioning of the EU merger control system", and is intended to act as a clear warning that this type of conduct will not be tolerated. The Commission has imposed fines for gun-jumping in a number of cases and further investigations into possible gun-jumping conduct are currently ongoing. The latest fine should send a clear warning to

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  • Herbert Smith Freehills (London)

Quotation

Kristien Geeurickx, The EU Commission fines €124.5 million a multinational cable and telecoms company for having implemented its acquisition prior to notifying the transaction and receiving clearance (Altice / PT Portugal), 24 April 2018, e-Competitions April 2018, Art. N° 93632

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