The European Commission has approved Luxembourg-based Altice’s €7.4 billion acquisition of the Portuguese assets of Portugal Telecom, after Altice agreed to sell its existing businesses in Portugal.
The deal, which was agreed in December 2014, is worth €7.4 billion and will greatly strengthen Altice’s presence in Portugal. It is the third major acquisition by the company following purchases of French companies SFR and Virgin France.
In order to win approval for the acquisition of PT, Altice has offered to sell its two subsidiaries in Portugal, Cabovisao and ONI.
“The Commission concluded that the transaction, as modified by the commitments, would raise no competition concerns,” the Commission said.
“The European Commission has authorised the acquisition proposed by Portuguese telecoms operator PT Portugal under European merger legislation,” Altice said in a statement.
Portugal Telecom’s Portuguese assets have been owned by Brazil’s Oi since May 2014 as part of its merger with Portugal Telecom.
