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EU gives green light to Vodafone's Cable & Wireless Worldwide buy
|04 июля 2012|
European Union regulators Tuesday cleared Vodafone Group PLC's proposed acquisition of Cable & Wireless Worldwide PLC. It set no conditions for the deal to go ahead.Vodafone, the world's biggest mobile company, unveiled the deal to purchase CWW for $1.6 billion in April in a bid to boost its clout in the fast-growing smartphone data services market.
The European Commission said in a statement the transaction would raise "no competition concerns, as the parties' activities are largely complementary." CWW's main activity is related to fixed telecommunications, whereas Vodafone is mainly active in the mobile telecom market.
commission said there was an overlap in Vodafone and CWW's activities in the
U.K., but the combined entity would continue to face significant competition
from rivals and wouldn't distort the telecom market in the country.
The approval means Vodafone will be able to take full advantage of CWW's expertise in the fixed-mobile area.
"However, the commission's investigation showed that the parties would not be able to shut out fixed or mobile operators from the markets for combined fixed-mobile services, because of the parties' lack of sufficient market power," the statement said.
Vodafone, which is set to become the U.K.'s second-largest telecom operator after BT Group PLC, said CWW will bolster its integrated corporate services business, both in the U.K. and globally.
Источник: Total Telecom