Telekom Austria Moves One Step Closer to Acquisition of Local Mobile Network
Published on: 27th Nov 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
Telekom Austria Group says that it has received approval for its proposed acquisition of YESSS! Telekommunikation ("YESSS!") without conditions. The approval was granted by Austrian Cartel Court but is not yet legally binding.
The acquisition of YESSS! also remains conditional upon the completion of Hutchison 3G Austria's indirect acquisition of Orange Austria which is still subject to pending merger control approval by the European Commission. The deadline for the decision of the European Commission is 21 December 2012.
The Cartel Court ruling is still subject to appeal by the Austrian Federal Competition Authority and the Federal Cartel Attorney within four weeks from service of the decision. Any such appeal has a suspensive legal effect, i.e. the proposed acquisition of YESSS! by Telekom Austria cannot be closed before the approval by the Austrian Cartel Court becomes legally binding.
On 3 February 2012, Telekom Austria Group announced that it has agreed to acquire frequencies, base station sites, the mobile phone provider YESSS! as well as certain intellectual property rights currently owned by Orange Austria for a total amount of up to EUR 390 million.
The approval by the Austrian Telekom-Control-Commission (TKK) for the acquisition of the frequencies to be acquired by Telekom Austria Group is still pending.