THE JOINT ACQUISITION OF ALTICE, ALLIANZ AND OMERS IS APPROVED BY THE COMMISSION
The European Commission has approved, under the circumstances, the proposed acquisition of Covage by “SFR FTTH”, a company jointly controlled by Altice, Allianz and Omers. The circumstances for the approval of acquisition is in relation with the full compliance with a commitments package offered by SFR FTHH.
According to the investigation carried out by the Commission, while the transaction would lead to significant horizontal overlaps on the wholesale “Fibre to the Office” access networks market, the transaction also would raise vertical concerns.
In order to address these concerns, the Companies in question offered the following commitments;
- The divestment to a suitable buyer of 25 subsidiaries and of assets corresponding to Covage's local fibre loop business on the territory of 30 public institutions,
- The offer of a transitional service agreement, including access to all assets and services required to operate the divested business competitively for a duration enabling SFR FTTH to become fully independent.
In this context, the Commission decided the approval of the acquisition as conditional upon full compliance with the commitments.
You can read the full text of the Commission’s announcement here.
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