Cleary Gottlieb represented Telefónica S.A. (Telefónica), as a remedy taker, in Vodafone’s acquisition of certain Liberty Global assets.
On July 18, 2019, the European Commission conditionally cleared the acquisition after a phase II review subject, inter alia, to the commitment by the merged entity to enter into a cable access agreement with Telefónica Deutschland.
Cleary represented Telefónica throughout the merger control process, which led to a fix-it-first commitment, consisting among other things in providing access to Vodafone’s cable network. The Commission approved Telefónica as a remedy taker in the conditional clearance decision.