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Orange confident of closing Jazztel deal in H1 2015
2014-12-04 16:35:00| Telecompaper Headlines
(Telecompaper) Orange has announced that it remains confident of completing its acquisition of Spanish broadband provider Jazztel, even after the European Commission confirmed it would be carrying out an in-depth investigation of the proposed takeover. "The time limit for this new phase of the proceeding is already included in the schedule for the deal," said the French group in a statement, adding that "Orange maintains its ambition to close the operation during the first half of 2015." The company was responding to an earlier statement from the EC's competition authority setting a 24 April deadline to rule on the deal. "The loss of Jazztel as an important competitive force could lead to price increases for these services for customers in Spain," said the Commission. "Both companies are important competitive forces with a stronger influence on the competitive dynamics in these markets than suggested by their market shares." On 16 September Orange offered EUR 3.4 billion in cash to acquire 100 percent of Jazztel's shares, a transaction that would enable the French group to move ahead of Vodafone into second place in the Spanish fixed broadband sector thanks to Jazztel's 1.5 million customers.
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Category:Telecommunications