WSJ: EU set to approve Telefonica/E-Plus deal

|About: Telefonica S.A. (TEF)|By:, SA News Editor

The EU's antitrust division is "understood to be comfortable" with the concessions offered by Telefonica (TEF +0.3%) to secure approval of its $12B bid to acquire rival German mobile carrier E-Plus from KPN (KKPNY), the WSJ reports.

The concessions include allocating 30% of Telefonica/E-Plus' German spectrum for use by MVNOs, who have been especially nervous about a deal that lowers the number of carriers in Europe's biggest market to 3.

The EU recently signed off (following concessions) on the sale of Telefonica's O2 Ireland unit to rival Hutchison Whampoa. Approving the E-Plus deal could pave the way for consolidation in France and other EU markets.