The European Court of Justice [1] (ECJ) recently dismissed an appeal against a General Court judgment [2] which largely upheld the European Commission's prohibition decision taken against Telefónica and Portugal Telecom for a non-compete covenant in a share purchase agreement. [3] The share purchase agreement related to the acquisition by Telefónica of the Brazilian mobile operator Vivo, which was until then jointly owned by both parties. [4] However, the non-compete agreement purported to restrain the parties from competing in Portugal and Spain "to the extent permitted by law". The ECJ held that: – the non-compete agreement constituted a market-sharing agreement [5] and as such
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The EU Court of Justice dismisses an appeal against a General Court judgment upholding the EU Commission’s prohibition of a non-compete covenant in a share purchase agreement (Telefonica)
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