On 22 September 2021, the GCEU upheld a decision from the EC by which it fined telecommunications operator Altice for gun-jumping. In particular, the GCEU affirmed that the EC could impose two separate fines: a fine for implementing a concentration prior to its clearance, and a fine for implementing a concentration prior to its notification. In coming to those findings, the GCEU also clarified the appropriateness of certain pre-closing covenants and information exchanges. Background In December 2014 Altice signed a share purchase agreement (SPA) with telecommunications operator Oi to acquire PT Portugal. The deal was subject to EU merger control. Prior to signing, Altice began communications with the EC to inform it of Altice’s intention to acquire PT Portugal. Shortly after signing
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The EU General Court confirms that the Commission was able to fine a telecommunications twice for gun jumping, once for breaching the standstill obligation and once for breaching the failure to notify obligation (Altice)
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