The European Commission gave the green light Tuesday for an Emirati group to acquire the assets of a Czech telecom operator -- after it agreed not to use foreign subsidies to distort competition in the EU.

The European Commission has approved a bid by e& to purchase the telecom assets of Czech investment group PPF, clearing the way for the Abu Dhabi-based technology company to expand in Europe. The decision is the first reached by the EU under new rules aimed at protecting companies in the bloc from unfair overseas competition.