CNMC approves ‘friendly’ MASMOVIL takeover of Euskaltel

17 Jun 2021

Spain’s National Commission for Markets and Competition (Comision Nacional de los Mercados y la Competencia, CNMC) has approved the proposed takeover of Euskaltel by Grupo MASMOVIL ‘without commitments’. Explaining its decision, the watchdog writes: ‘The CNMC considers that the operation does not significantly alter the competitive situation. At the national level, MASMOVIL reinforces its position as the fourth operator in the retail markets; Euskaltel’s presence was still limited, so the addition of quotas will not be very significant. In the case of Asturias, Galicia and the Basque Country, where Euskaltel has a significant market share in the retail field, and a strategy that presents differential aspects with respect to MASMOVIL, there are other significant operators that will continue to exert competitive pressure.’

The EUR2 billion (USD2.4 billion) deal was agreed in March this year and is subject to the approval of the relevant authorities.