The EU General Court upholds the Commission’s decision to fine a multinational telecommunications company €124.5M for gun jumping (Altice / PT Portugal)

On September 22, 2021, the General Court upheld the European Commission’s decision to fine Altice Europe NV, a multinational telecommunications company, for prematurely implementing its acquisition of PT Portugal. [1] Altice had engaged in conduct that contributed to the change in control of PT Portugal before it had formally notified the merger to the Commission, and before the Commission had approved it. Specifically, Altice had (i) acquired rights under the transaction agreement to veto PT Portugal’s ordinary-course business decisions; (ii) actually influenced PT Portugal’s commercial activities on several occasions; and (iii) received competitively-sensitive information from PT Portugal. The General Court confirmed Altice’s fine of €124.5 million, but reduced part of the fine by 10%

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Authors

  • Cleary Gottlieb Steen & Hamilton (Brussels)
  • Cleary Gottlieb Steen & Hamilton (Brussels)
  • Cleary Gottlieb Steen & Hamilton (London)
  • Cleary Gottlieb Steen & Hamilton (Brussels)

Quotation

Antoine Winckler, Andris Rimsa, Wanjie Lin, Edward Dean, The EU General Court upholds the Commission’s decision to fine a multinational telecommunications company €124.5M for gun jumping (Altice / PT Portugal), 22 September 2021, e-Competitions September 2021, Art. N° 104685

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