A PYMNTS Company

Vodafone Portugal CEO Criticizes Telecom Regulator Over Blocked Deal

By  |  July 8, 2025
Vodafone

Vodafone Portugal’s Chief Executive, Luís Lopes, has voiced strong criticism of the country’s telecommunications regulator, ANACOM, describing its approach to market competition as “very peculiar,” according to a statement made during a recent industry conference. Lopes expressed frustration with how Portugal’s regulatory environment compares unfavorably to other European markets, particularly in relation to merger and acquisition (M&A) approvals.

    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.

    Vodafone Portugal had spent two years attempting to acquire local cable operator Nowo before regulators blocked the deal in 2024. Following the rejection, Nowo was acquired by the European telecom group Digi Communications, a move ANACOM supported to maintain a “3+1” competitive market structure, where Nowo acts as a lower-cost alternative to Portugal’s three major players. Per a statement from Lopes, this decision remains a sore point for Vodafone.

    Speaking at the APDC Congress—the annual gathering organized by Portugal’s Association for the Development of Communications—Lopes appeared alongside CEOs from rival companies Altice Portugal/MEO and NOS. Translated transcripts from the event reveal shared concerns over the sluggish pace of regulatory processes and whether authorities are doing enough to foster competition and encourage network investment.

    Related: EU Court Rejects Deutsche Telekom’s Challenge to Vodafone Deal

    Highlighting recent developments abroad, Lopes referenced Vodafone’s successful merger in the UK with Three UK, which formed VodafoneThree. This consolidation involved a commitment of £11 billion (€12.7 billion) in network upgrades. Lopes noted that the regulatory concessions required there were less onerous than those Vodafone Portugal had proposed for its bid on Nowo, which, according to a statement, would have had a smaller impact on market dynamics. Similarly, Vodafone’s exit from the Spanish market through a sale to Zegona Communications last year passed regulatory scrutiny despite its own challenges.

    “ The transaction for the merger between Vodafone and Three shows that perhaps our competition regulator has a very peculiar vision of the telecommunications market, contrary to what we see in the rest of Europe,” Lopes said (translated).

    A further point of contention for Lopes is ANACOM’s swift approval of Digi’s acquisition of Nowo after Vodafone was deemed an unsuitable buyer. Altice Portugal’s CEO, Ana Figueiredo, echoed this view last year, characterizing the situation as the Portuguese market “going backwards” by welcoming “new entrants based on price and driven by price,” instead of allowing the consolidation of existing players.

    At the APDC Congress, Lopes acknowledged that aggressive low pricing in the market presents both challenges and opportunities. “The vast majority of the market wants to have quality services at a fair price,” he noted, adding that a price-driven segment does exist. Vodafone Portugal currently serves this segment through its budget brand Amigo, which Lopes described as a necessity rather than a growth strategy. “If you ask me, does segmented [pricing] lead to strong growth? No, it does not,” he remarked.

    Source: TelcoTitans