(Source: EU Commission)
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over AT&T’s U.S. video business by TPG Capital (‘TPG’) and AT&T Inc., all of the U.S. AT&T’s U.S. video business, which is currently solely controlled by AT&T, is a provider of direct broadcast satellite services, multichannel television services and digital video services to customers in the U.S. AT&T’s U.S. video business also sells advertising on its distribution platforms. TPG is a private investment firm that manages a family of funds that invest in a variety of companies worldwide through acquisitions and corporate restructurings. AT&T is a provider of telecommunications, media and technology services. The Commission concluded that the proposed acquisition would raise no competition concerns given that AT&T’s U.S. video business does not carry out any activities, nor has any assets in the European Economic Area (‘EEA’). Therefore, the proposed acquisition does not give rise to any horizontal overlaps or vertical relations in the EEA. The operation was examined under the simplified merger review procedure. More information will be available on the Commission’s competition website, in the public case register under the case number M.10220.