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EC approves Tele2, TDC Sweden deal

The European Commission granted unconditional approval to Tele2 Sweden's proposed acquisition of TDC A/S unit TDC Sweden.

The commission said Oct. 7 that the deal would not raise any antitrust concerns since the companies' activities largely complement each other. It noted that Tele2 mainly caters to residential customers while TDC Sweden's services target big businesses.

The EC also found that while the combined entity would corner more than 20% of the retail mobile market, TDC Sweden has a small share of the said sector and that other alternative telcos would remain after the transaction.

Tele2 said the same day that it will now work to complete the acquisition by the end of October. It earlier announced a rights issue of about 3 billion Swedish kronor, which is subject to approval by Tele2 shareholders during an Oct. 27 extraordinary general meeting.

In June, Tele2 agreed to acquire TDC Sweden for 2.9 billion kronor.

As of Oct. 7, US$1 was equivalent to 8.65 Swedish kronor.