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Report: Brazil antitrust watchdog to clear AT&T/Time Warner deal with conditions


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Report: Brazil antitrust watchdog to clear AT&T/Time Warner deal with conditions

Brazil's antitrust agency will conditionally approve AT&T Inc.'s planned merger with Time Warner Inc. on Oct. 18, Reuters reported Oct. 16, citing a same-day report by financial newspaper Valor Econômico.

While Conselho Administrativo de Defesa Econômica, or CADE, did not provide a comment for legal reasons, the watchdog reportedly confirmed that the deal is on the agenda for the Oct. 18 session. CADE may issue a final and binding decision at the session. The regulator will not require AT&T to sell its ownership in pay TV operator SKY Brasil to approve the merger, according to the Valor Econômico report.

The report did not say what conditions CADE would impose before it approves the merger, which is still subject to the approval of Brazil's telecommunications regulator, Anatel.

Earlier, CADE's Superintendent General challenged the deal, citing potential risks to competition, and shared its recommendation with the court of CADE.

The deal has received approvals from Mexico's regulators Instituto Federal de Telecomunicaciones and the Comisión Federal de Competencia Económica, and Chile's Fiscalia Nacional Económica.

AT&T in October 2016 agreed to buy Time Warner in a cash-and-stock deal with a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt.