AT&T wins European Commission approval for $85bn Time Warner deal but faces battle in the US
US telecoms giant AT&T has won European Commission approval for its $85bn (£70bn) takeover deal for Time Warner.
“We appreciate the skilled work of the European Commission’s team for their timely effort to analyse and clear the AT&T-Time Warner merger,” said Bob Quinn, senior executive vice president of AT&T external and legislative sffairs.
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“This is an important approval from a highly respected authority. The global clearance process is on track, and we look forward to creating a company that will lead the next wave of innovation in the media and telecommunications industries.”
The deal, agreed in October, is likely to face larger hurdles in the US, with the Department of Justice looking at the deal.
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Reuters reported Roger Entner, an analyst at Recon Analytics, saying: “I think what everybody is waiting for is (to see) whoever will become head of the anti-trust division of the Department of Justice.”
In the run-up to the US election, now-President Donald Trump pledged that he would not allow the deal to go through.