Orange gets Spanish Approval for Jazztel Buy

French telecommunications company Orange SA (ORA.F) said on Wednesday the Spanish Securities Commission has authorized its tender offer to buy Spanish broadband and cellphone operator Jazztel (JAZ.MC).

The 3.4 billion euro ($3.72 billion) offer will be open May 28 to June 24.

Earlier this month, Orange secured European Union approval for the acquisition of Jazztel after agreeing to a package of divestments and network-sharing agreements.

The deal will enable Orange to leapfrog Vodafone Group PLC (VOD.LN) to become Spain’s second-largest provider of those services, with a market share of around 30%. Both companies trail Telefónica SA TEF which holds around 43% of the market.

Source: MarketWatch