BRUSSELS, Feb 26 (Reuters) - Telecoms group Altice has offered concessions in an effort to gain European Union antitrust approval for its 7.4 billion euro ($8.3 billion) bid for the Portuguese assets of Brazil’s Grupo Oi, the European Commission said.
The EU competition authority set an April 20 deadline for its decision, according to a filing on its website on Thursday.
It did not give any details of the concessions, in line with its policy. Telecoms operators typically offer to facilitate rivals’ access to their networks or sell off spectrum when confronted with regulatory concerns
Altice’s founder, Franco-Israeli telecoms entrepreneur Patrick Drahi, has expanded his portfolio of cable and mobile telecoms companies in France, Israel, and the Dominican Republic in recent years, culminating in deals worth some $30 billion last year.
For Oi, the sale marks the effective unwinding of a merger with Portugal Telecom, which was meant to create a major transatlantic operator in the Portuguese-speaking world with over 100 million clients.
$1 = 0.8912 euros Reporting by Foo Yun Chee; Editing by Mark Potter