EU Antitrust Body OKs Vodafone's German Cable Deal
BRUSSELS (AP) — The European Union's antitrust watchdog has cleared a 7.7 billion-euro ($10 billion) takeover of Germany's biggest cable operator by British telecoms firm Vodafone PLC.
The European Commission, the 28-nation bloc's executive arm, said on Friday its investigation found the two companies' businesses were mainly complementary and there was no risk they might gain price-setting dominance in their markets.
Kabel Deutschland Holding AG has an extensive cable network in Germany that the London-based cellphone giant could use to expand its fixed-line, broadband and television business in the country.
U.S. mobile operator Verizon Communications Inc. is buying back a 45 percent stake currently held by Vodafone in a spectacular $130 billion buyout deal that will leave the British company awash with cash to strengthen its European business units.