Today, the European Commission published the long-awaited public version of its decision to approve the acquisition by S&C client e& of PPF Telecom under the EU Foreign Subsidies Regulation, subject to certain commitments. The decision, taken in September 2024, is a significant milestone in the enforcement of the FSR, resulting from the only in-depth (Phase 2) FSR merger case to date, and in which the Commission granted approval subject to commitments. It therefore provides valuable insight into the Commission’s practice in FSR merger reviews. The decision will be of particular interest to state-owned companies and bodies outside the EU, such as sovereign wealth funds and non-EU governments, but also to privately owned investors whose equity investments may require FSR approval.