Deutsche Telekom Receives Unconditional Regulatory Approval to Buy Tele2’s Dutch Operations
On Nov. 27, Deutsche Telekom announced the European Commission unconditionally approved its acquisition of Tele2’s operations in the Netherlands. We were sceptical of the deal being approved after the commission had previously rejected other four-to-three wireless telecom mergers. While we had not expected the deal to be approved, it doesn’t change our EUR 17 Deutsche Telekom or SEK 91 Tele2 fair value estimates, or our no-moat ratings for both companies.We now model the companies as if the tra...
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