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EC approves Vodafone's EUR 7.2 bln takeover of Ono
2014-07-03 09:00:00| Telecompaper Headlines
(Telecompaper) The European Commission has approved Vodafone's EUR 7.2 billion takeover of Spanish cable provider Ono without conditions. The deal, which Vodafone said will now be closed "within two to three weeks", represents the UK operator's third acquisition of a European fixed-broadband asset in two years and gives it immediate access to Ono's extensive fibre network covering 7.2 million Spanish homes. It also serves to increase Vodafone's 25 percent share of the Spanish mobile market by almost two percentage points. In approving the takeover, the Commission concluded that the transaction "would not significantly impede effective competition in Spain." Although the two companies provide fixed and mobile services in Spain, the EC said their activities were largely complementary given that Ono specialises in fixed telecoms, while Vodafone is mainly active in mobile telecoms. "However, the Commission found that the impact of the transaction on these markets is likely to be limited as the combined entity would continue to face significant competition from other market players, such as the incumbent operator Telefonica, and other operators such as Orange and Jazztel," it said.
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Category:Telecommunications