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SFR Group and Altice to pay gun-jumping fine of 80 million euros

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Staff Writer | Thursday November 10, 2016 9:09AM ET
SFR Group
France   The acquisition of SFR and Virgin Mobile

SFR Group and Altice have been notified of the decision of the French Competition Authority sentencing them to a 80 million euro gun-jumping fine in connection with the 2014 acquisition of SFR and Virgin Mobile.


The denounced practices, which aimed to make the new entity operational as soon as possible after obtaining clearance of the transaction, were performed in good faith, in the midst of legal uncertainty.

The group chose not to refute these practices and to accept the French Competition Authority’s settlement offer.

The group chose to settle the matter in order to limit its financial exposure, given the level of penalties imposed for this type of procedural violation under the French Commercial Code.

The group is focusing on its key avenues for growth, which include investing in and deploying very highspeed fiber optic and 4G/4G+ networks, and investing in content such as news, cinema and sports broadcasting rights.

 

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