Orange Gets Green Light from Spanish Regulator for Jazztel Buy
May 27 2015 - 2:36AM
Dow Jones News
By William Horobin
PARIS--French telecommunications company Orange SA (ORA.F) said
Wednesday that the Spanish Securities Commission has authorized its
tender offer to buy Spanish broadband and cellphone operator
Jazztel (JAZ.MC).
The 3.4 billion euro ($3.72 billion) offer will be open May 28
to June 24.
Earlier this month, Orange secured European Union approval for
the acquisition of Jazztel after agreeing to a package of
divestments and network-sharing agreements.
The deal will enable Orange to leapfrog Vodafone Group PLC
(VOD.LN) to become Spain's second-largest provider of those
services, with a market share of around 30%. Both companies trail
Telefónica SA (TEF.MC), which holds around 43% of the market.
(Tom Fairless in Brussels contributed to this item.)
-Write to William Horobin at william.horobin@wsj.com
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