British telecom operator, Vodafone PLC says it is poised to seal the 7.7 billion euro ($10.23 billion) takeover of Kabel Deutschland, after it won the backing of the German cable operator’s shareholders.
The London-based cellphone giant said in a statement late Thursday that “the 75 percent minimum acceptance condition has been met” and that it expects to close the deal by the end of the month.
The service called “quad-play” offering TV, broadband, and mobile and fixed telephony, has caught on quickly in markets such as France and Spain, but the German cable market is highly fragmented, which is still behind in its adoption.
Vodafone Germany hack hits two million customers
Personal details of more than two million customers of Vodafone Germany have been stolen by a hacker. Vodafone said the attacker got access to customer names, addresses, bank account numbers and birth dates.
The deal is a coup for Vodafone, which wants to use Kabel’s fixed-line network to push beyond mobile in Europe’s largest economy. Purchasing Kabel allows Vodafone to offer higher-speed broadband Internet services which means it will no longer have to pay fees to Deutsche Telekom for use of its network.
Given the desire of consumers to watch TV and video on a variety of devices, cable companies have become more attractive since they can provide Internet services at speeds five times faster than their wireline competitors.
Rogers Communication, the Canadian telecom giant has just confirmed that Guy Laurence, Vodafone UK’s current chief executive, will be its new leader as of December 2nd 2013. The appointment follows an extensive international search for a CEO to succeed Nadir Mohamed, who announced his plan to retire earlier this year. The former CEO of Vodafone UK was in the cards for a while, but it has now been set in stone. Laurence is known for shaking up the places he works, electing for a more casual atmosphere.