The EU General Court upholds the Commission’s decision to fine a telecommunications company for gun jumping but grants a limited 5% reduction of part of the €124.5 million fine imposed (Altice / PT Portugal)

On September 22, 2021, the European General Court issued its judgment upholding the decision by the European Commission (Commission) to fine Altice for gun-jumping in the acquisition of Portugal Telecom (PT) in 2015. The General Court did grant Altice a limited 5% reduction of part of the €124.5 million fine imposed. [1] This remains the highest fine imposed by an antitrust authority for gun-jumping, indicating that compliance with the standstill obligation under the European Merger Regulation (EUMR) is an important enforcement priority for the Commission. The decision follows a growing list of Commission cases imposing fines for similar violations: two companies were both fined €20 million, in 2014 and 2019 respectively; Canon was fined €28 million in 2019; and the Commission is