The EU Commission imposes a record fine of €124.5M for gun-jumping in relation to a merger in the telecommunications sector (Altice / PT Portugal)

When drawing up an acquisition agreement in a transaction that will be notifiable to the EC for clearance under the EUMR, the acquirer must ensure that any veto or similar rights that it has prior to implementation of the transaction are strictly limited to that which is necessary to preserve the value of the target. These rights must not enable the acquirer to exercise a decisive influence over the commercial affairs of the target prior to notification or prior to clearance of the transaction. In addition, it is strictly prohibited for the acquirer to obtain commercially sensitive information from the target prior to clearance of the transaction. Infringement of these rules can result in the imposition of enormous administrative fines. Altice S.A. and its subsidiary, Altice Portugal