A PYMNTS Company

EU: Spanish, Portuguese mobile giants fined more than $105M for anticompetitive agreement

By  |  January 23, 2013

More than $105 million has been fined by the European Commission to Spain’s Telefónica and Portugal Telecom after an investigation found the two to have colluded in an anticompetitive agreement concerning the Iberian telecommunications market. According to the European Commission, the two parties once jointly owned mobile operator Vivo, based in Brazil. When Telefónica bought Vivo in full, the two parties inserted a non-compete clause in their contracts concerning Iberia. The agreement is in violation of Article 101 of the Treaty on the Functioning of the European Union. Iberia is the peninsula on which Spain, Portugal, Gibraltar and Andorra all hold land. In a recent update, it has been announced that Telefónica will appeal the fine.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: European Commission

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.