Contrary to CMA’s current speculative view – the entry of a new 4th MNO – is the only effective remedy for the Vodafone / Three merger. The CMA Chief Executive, Alex Chisholm, categorically stated in the open letter he wrote to the European Commission during the 2016 investigation of the 4 to 3 Three / O2 merger in the UK that “Absent of a new 4th MNO entry the only option available to the Commission is prohibition.”.
1&1 Drillisch’s MVNO business in Germany would become unprofitable when 5G goes mainstream, so investing in spectrum was 1&1 Drillisch’s only choice to keep its business afloat. 1&1 Drillisch’s 4th MNO business case will be positive if BNetzA intervenes and mandates competitive national data roaming rates.