The European Union gave clearance to telecom service provider Vodafone’s ambitious take over of Liberty Global operations. But the service provide has to adhere to certain terms and conditions to operate in the European market. The EU Commission clearly laid out list of concerns, especially competition rules for the British network provider. It is said that to get the green signal of the European bloc, Vodafone already offered to meet several commitments to make sure the deal goes through smoothly.
EU Commissioner Margrethe Vestager said that EU has grown strict to promote healthy completion and to ensure that customers are charged fair prices, in exchange for high-quality service.
“In our modern society access to affordable and good quality broadband and TV services is almost as asked for as running water,” she said.
Vodafone’s acquisition of Liberty Global’s service coverage in Germany and Central European nations including Czech Republic, Hungary and Romania, made it Europe’s largest mobile, broadband and TV provider. The deal between the two was value at $22 billion. The deal is a big leap for Vodafone from mobile service provider to broadband and pay-TV operator.
Nick Read, Vodafone’s chief executive, has described
Read said, “Vodafone transforms into Europe’s largest fully-converged communications operator, accelerating innovation through our gigabit networks and bringing greater benefits to millions of customers.” The acquisition led to surge in the shares of Britain’s Vodafone by 1 percent, and give it a lead against Germany’s Deutsche Telekom (DTEGn.DE).
ed the deal giving it a way into four European markets of Germany, Hungary, Czech Republic and Romania as transformational. It has committed to provide high speeds for consumers.