Orange Spain has less than a week to convince the European Commission of the merits of its acquisition of Jazztel.
According to El Economista, quoting sources familiar with the situation, the Commission has until June 1 to make a ruling on the take-over.
However, for all this to happen all negotiations have to be concluded by this Thursday (April 30), with the next four weeks devoted to the wording of the Competition Commission’s resolution, along with corresponding conditions and a mandatory consultation with main players in the market.
The deal between Orange and Jazztel, worth €3.4 billion, was first announced last September.
The Commission is in principal willing to accept the take-over providing a new player, capable of competing with Telefónica, Vodafone and Orange, is formed in the Spanish market. It could come about through a deal between Másmovil and Yoigo, or more probably Euskatel and Telecable.