Portugal: Portuguese regulators thwart Altice bid for Media Capital

Altice said that, one year after signing the contract and with no outcome of the regulatory process in site, it was calling time on the merger.

Altice has been trying to secure a green light from the Portuguese competition authority, the Autoridade da Concorrencia (AdC), for the acquisition of Prisa’s majority stake in Media Capital in the face of hostility from politicians, other operators and media groups in the country.

The telecom giant, which owns the former PT Telecom/Meo telecom operator in Portugal, said that the decision to call a halt came after the contractual deadline for the agreement between it and Prisa was extended for two months in April to allow further time to secure approval from the antitrust watchdog.

Altice laid the blame for the collapse of the merger squarely on the regulator. It said that it had proactively set out remedies in line with European Industry practice in the sector but had encountered a “complete lack of openness” on the part of the AdC, despite both parties to the agreement being initially “confident of a positive assessment”.

Full Content: Advanced Television

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