European Court of Justice Confirms Altices Gun-Jumping Violation

On November 9, 2023, the European Court of Justice dismissed, on most grounds, Altice’s appeal against the General Court’s judgment upholding the European Commission’s decision, in 2018, to fine Altice €124.5 million for gun-jumping violations in connection with its acquisition of PT Portugal.  

The Court of Justice confirmed that Altice breached the EU Merger Regulation’s notification and standstill obligations by acquiring and exercising decisive influence over PT Portugal prior to obtaining Commission approval.  The Commission had fined Altice €62.25 million for each of the two infringements.  The Court of Justice reduced one of the fines by about €10 million on account of the Commission’s failure to properly state reasons, but the judgment supports the trend toward strict enforcement of EU rules against early implementation of M&A transactions.

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