European Union approves the acquisition of AOL German Unit by Telecom Italia

European Union approves the acquisition of AOL German Unit by Telecom Italia

Telecom Italia recently announced their decision to take over the Germany based businesses of American company AOL.

They have now received the approval of the European regulatory bodies for this acquisition. The authorities said that the combined entity is set to face a formidable competition and it is no threat to existing businesses.

With this deal, Telecom Italia will become the second-biggest provider of broadband Internet in Germany. They would have around 3.2 million customers and would challenge the domination of T-Online International in the domestic market.

The European commission added on this acquisition deal: “The combined firm would continue to face a number of strong, effective competitors, notably the incumbent Deutsche Telekom.”