EU clears Telefonica's Irish sale to Hong Kong's Li Ka-shing
(BRUSSELS) - The European Commission approved on Wednesday the sale by Spanish telecoms giant Telefonica of its Irish mobile phone unit to Hutchison 3G, owned by Hong Kong tycoon Li Ka-shing.
The sale, worth about 850 million euros ($1.2 billion), can go through after Hutchison offered remedies to antitrust concerns, the Commission said.
The Commission had been worried that the deal would remove an important competitor from the Irish market to the disadvantage of consumers.
Hutchison has agreed to ensure that new companies will be able to enter the market, it added.
Telefonica announced the deal last year as part of efforts to lower its debt burden.
Hutchison Whampoa is a global ports-to-telecoms conglomerate with operations in more than 50 countries.