Telefónica requests EU approval of E-Plus takeover

Telefónica requests EU approval of E-Plus takeover

Spanish conglomerate Telefónica has asked EU antitrust regulators to approve its €8.6 billion bid for KPN’s German subsidiary, E-Plus.

An approved deal would see Telefónica take over E-Plus and reduce the number of mobile operators in Germany from four to three.

Competition regulators are often concerned by such a situation, which would see Telefónica, Deutsche Telekom and Vodafone competing in the country.

The European Commission will reportedly decide on the deal by December 6 this year.

According to Reuters, analysts expect a preliminary review is likely to be extended to a five-month investigation.

The deal was first discussed in July this year and in September, KPN agreed to book a tax loss of €3.7 billion with tax authorities in Germany.

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