(Telecompaper) The shareholders of KPN have approved the sale of the Dutch operator's German mobile operator E-Plus to Telefonica. KPN is selling the German unit for EUR 8.55 billion, including EUR 5 billion cash and a 20.5 percent stake in the new company created from the merger of E-Plus with Telefonica Deutschland (O2 Germany). The merger of the number three and four players on the German mobile market will allow the companies to approach the market share of leaders Telekom Deutschland and Vodafone. According to research by Telecompaper, E-Plus and O2 had 38.5 percent of customers at the end of June 2013, compared to 33 percent for Telekom and 31.5 percent for Vodafone. In terms of service revenues, the combined group would still be in third place, just behind Telekom and Vodafone. Completion of the sale still depends on regulatory clearance. KPN CEO Eelco Blok said at the EGM that this is expected by mid-2014. KPN secured the approval of a majority of shareholders, including notably its largest shareholder America Movil, after agreeing to increase the value of the deal with Telefonica, from an initial price of EUR 8.1 billion.