EU clears Vodafone’s $22 billion deal to expand in Europe

Business
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BRUSSELS (AP) — The European Union has cleared telecom operator Vodafone’s acquisition of Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania but has imposed some conditions.

The EU Commission said that the deal, valued at 18.4 billion euros ($21.8 billion), will go ahead if Vodafone addresses its competition concerns, especially in the big market of Germany. It said Vodafone already offered several commitments to make sure the deal can go through.

With the deal, Vodafone has said it will become “the leading next-generation network owner in Europe,” with a total reach of 110 million homes and businesses.

EU antitrust Commissioner Margrethe Vestager says that the remedies should “ensure that customers will continue enjoying fair prices, high-quality services and innovative products.”

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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