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Tag: eur

Telekom Austria raises nearly EUR 1 bln in rights issue

2014-11-25 09:22:00| Telecompaper Headlines

(Telecompaper) Telekom Austria has completed its rights issue, raising EUR 997 million. The number of outstanding shares will increase by 221.5 million, from 443.0 million to 664.5 million. In addition to the commitments from its main shareholders America Movil and the state holding company OIAG to take up their pro rata shares, other shareholders subscribed to 25.5 million new shares in the operator. The total take-up rate was 99.7 percent of the shares on offer. The approximately 0.3 percent remaining shares will be taken up by Deutsche Bank and sold in the market. Trading of the new shares on the Vienna Stock Exchange is expected to commence on 27 November. America Movil and OIAG have committed to a lock-up period of six months when they will not sell shares. Telekom Austria intends to use the net proceeds of the capital increase to re-establish its target capital structure and maintain a credit rating of at least BBB (stable) by Standard & Poor's. In particular, the capital increase will allow Telekom Austria to implement an accelerated roll-out of its fibre infrastructure in the coming years and finance additional acquisitions in its growth areas. 

Tags: rights issue eur austria

KPN buys rest of Reggefiber for EUR 610 million

2014-11-18 08:47:00| Telecompaper Headlines

(Telecompaper) KPN has agreed to acquire the remaining 40 percent in its FTTH joint venture Reggefiber for EUR 610 million. At the end of October, KPN received regulatory clearance to raise its stake in Reggefiber to 60 percent. The additional 9 percent bought then from Reggeborgh cost EUR 161 million and gave KPN management control of the venture. It will now buy the rest of Reggeborgh's stake, as well as pay off EUR 500 million in external loans at Reggefiber. KPN said the acquisition is part of the company's plans to devote the proceeds from selling E-Plus in Germany to strengthening the operator's position in the Netherlands. KPN said it will continue with its hybrid network strategy, upgrading its copper network as well as rolling out FTTH. Reggefiber's network passed 1.893 million homes at the end of September, an increase of 205,000 since the start of this year. The number of homes activated reached 623,000. 

Tags: eur million rest buys

EIB Provides Additional EUR 150m for TenneT's Randstad Grid Project

2014-11-14 17:07:00| Transmission & Distribution World

The European Investment Bank and TenneT have signed the latest contract for a EUR 150 million loan, part of a total EUR 450 million financing to TenneT Holding B.V. agreed in 2011. read more

Tags: additional project eur grid

Telekom Austria launches EUR 1 bln rights issue

2014-11-07 09:02:00| Telecompaper Headlines

(Telecompaper) Telekom Austria has launched a share issue to raise up to EUR 1 billion to strengthen its balance sheet. Existing shareholders will receive the right to one new share for every two existing shares they hold in Telekom Austria, at a discounted price of EUR 4.57 per share. The subscription period will run from 10-24 November. America Movil and the Austrian state holding company OIAG, the operator's two biggest shareholders, have agreed to subscribe for their pro rata shares of the offering. This was part of their agreement earlier this year that handed management control of the company to America Movil. They will have a lock-up of six months on the new shares. Telekom Austria said the additional capital will help it maintain its credit rating of at least BBB and give it more room to pursue strategic investments. In particular, the capital increase will allow an accelerated roll-out of its fibre infrastructure in the period 2015-2018 and more acquisitions to support its convergence strategy. 

Tags: rights issue eur austria

CNMC fines Telefonica EUR 26 mln for 'restrictive' contracts

2014-11-05 10:07:00| Telecompaper Headlines

(Telecompaper) Spain's telecoms regulator CNMC has fined Telefonica a total of EUR 25.78 million for practices that limit the ability of its business customers to switch operators and change contracts. Telefonica is accused of including permanence clauses in its SME contracts that were automatically renewed and also included penalties that became increasingly higher as contract expiry date approached. The CNMC described the practice as anti-competitive in that it served to "disproportionately" limit the capacity of Telefonica's mobile customers to change operators. In addition, Telefonica's actions "substantially increased the costs that competitors had to incur to gain customers at the expense of Telefonica," said the CNMC in its decision. The regulator added that the fine reflected the fact that the permanence clauses had been in place since 2006, excluding other operators from the business segment of the mobile services market, which accounted for over 70 percent of Telefonica's revenues in the SME division in 2012. Telefonica has reacted "with perplexity" at the CNMC's decision, according to business daily Expansion, and will proceed to immediately lodge an appeal on grounds that the decision is clearly discriminatory against Telefonica, in that it ignores identical practices of other operators in the Spanish market.

Tags: eur contracts fines restrictive

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