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The European Court of Justice (ECJ) recently dismissed an appeal against a General Court judgment which largely upheld the European Commission's prohibition decision taken against Telefónica and Portugal Telecom for a non-compete covenant in a share purchase agreement. The share purchase agreement related to the acquisition by Telefónica of the Brazilian mobile operator Vivo, which was until then jointly owned by both parties. However, the non-compete agreement purported to restrain the parties from competing in Portugal and Spain "to the extent permitted by law".

This article was first published in International Law Office.

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