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Portuguese Competition Authority clears Sonaecom's takeover of PT

The Portuguese Competition Authority has cleared Sonaecom's acquisition of Portugal Telecom (PT) subject to conditions. The transaction would lead to the merger of the two of the three mobile network operators in Portugal, and would also affect the broader telecommunications market (including fixed telephony, broadband, and pay-TV). The transaction was cleared after an in-depth investigation by the authority. The remedies accepted by the Portuguese competition authority include the divestment of one of the fixed platforms owned by PT (either the fixed-telephony network, or the cable network), and measures aimed at facilitating new entry in the mobile market. Giulio Federico, Paul Reynolds and Cristina Caffarra of CRA International advised Sonaecom throughout the transaction, focusing in particular on the design of the remedy package and on the competitive impact of the transaction in the fixed-line market.

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