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America Movil agrees support for KPN sale of E-Plus

2013-08-26 08:43:00| Telecompaper Headlines

(Telecompaper) Telefonica has agreed to give KPN a bigger stake in their combined German mobile operators in order to gain approval for the deal from KPN's largest shareholder, America Movil. KPN will still receive EUR 5 billion cash for merging E-Plus with Telefonica Deutschland. In addition, the Dutch operator will receive a stake of 20.5 percent in the new company, up from 17.6 percent as agreed in July. Telefonica will hold 62.1 percent in the German company, instead of the 65 percent originally agreed, and the remainder will be free float. Telefonica will still have an option to increase its stake to 65 percent, a year after completing the initial deal at a price of EUR 510 million. KPN shareholders are scheduled to vote on the proposed sale of E-Plus on 02 October. America Movil said in a statement that it will vote for the transaction at the EGM; its board members at KPN also approved the new deal. In addition, the Mexican company reiterated its intention to launch a takeover bid for control of KPN, saying it recently presented the bid to KPN management and plans to start talks with local authorities on the offer.

Tags: support sale america agrees

 

KPN holders to vote on E-Plus sale on 2 October

2013-08-21 02:00:00| Total Telecom industry news

Dutch incumbent talks up benefits of offloading German ops to Telefonica.

Tags: october sale vote holders

 
 

BnA could force E-Plus, O2 to give up some frequencies

2013-08-05 16:28:00| Telecompaper Headlines

(Telecompaper) [Update] Germany's Federal Network Agency (BnA) is considering whether O2 and E-Plus will have to give up some of their frequencies if they proceed with their merger, reports German newspaper 'Frankfurter Allgemeine Zeitung' (FAZ). The regulator believes that their GSM licences as well as their UMTS licences are tied to their competitive independence. According to letters sent to E-Plus CEO Thorsten Dirks and Telefonica Germany CEO Rene Schuster, and seen by the FAZ, the regulator warns it could revoke their frequency allocation in an extreme case. BNA will examine the merger proposal and and has asked the companies to provide information within two weeks, according to the letter dated 25 July of this year. The agency will have to review whether the frequencies will still be "efficiently used" and whether the combination would hamper competition plus seeking comments from competitors, according to Bloomberg also citing from the letters. Both Telefonica and E-Plus commented to Bloomberg that the letters are part of their goal to receive quick regulatory approval.

Tags: up some give force

 

America Movil CEO still mulling whether to back KPN's E-Plus sale

2013-07-26 02:00:00| Total Telecom industry news

Daniel Hajj yet to see terms and conditions of proposed transaction.

Tags: back sale america ceo

 

Telefonica to acquire E-Plus from KPN

2013-07-23 08:41:00| Telecompaper Headlines

(Telecompaper) KPN has agreed to sell its German mobile operator E-Plus to Telefonica for EUR 5 billion in cash and a 17.6 percent stake in Telefonica Deutschland. The deal will make Telefonica the largest mobile operator in Germany in terms of subscriber numbers and consolidate the market to three mobile networks. KPN will use the cash to strengthen its balance sheet, allowing it to resume dividend payments in 2014, and refocus on its home market the Netherlands and growth in Belgium. Telefonica expects synergies of EUR 5.0-5.5 billion from the merger. The transaction values E-Plus at a total EUR 8.1 billion, equal to 9.0x the company's estimated 2013 EBITDA. It remains subject to approval by KPN and Telefonica Deutschland shareholders as well as the German regulator. Telefonica Deutschland will finance the cash component of the transaction through a rights offering fully underwritten by Telefonica SA.

Tags: acquire telefonica kpn eplus

 

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