This research report was submitted to Commissioner Vestager and DG Competition on 30th May 2016, three months prior to the European Commission's announcment (link) of approving the merger subject to remedies.

The creation of an effective new fourth MNO in Italy requires substantial radio network and spectrum divestments.

Restoring effective competition in the Italian mobile market requires the creation of a new fourth mobile-only network operator.

• What is the minimum required size of radio network (macro sites) that must be divested?
• What is the minimum required spectrum that must be divested per frequency band?
• Will the type (mobile-only versus fixed-mobile converged) of the new fourth MNO significantly affect effective competition in the Italian mobile market?
• MVNO wholesale access remedies – Very low rate per gigabyte required!