The British mobile phone operator Vodafone on Monday has completed the acquisition of 76.57% stake in German cable operator Kabel Deutschland Holding (KDH), according to the company with a statement.
The European Commission authorized the September 20th operation without conditions after finding that the transaction would not significantly impede effective competition in the EU market, while the general meeting of shareholders gave its approval to the agreement on October 10th.
Vodafone, which already held 4.21% stake in the German company, introduced last June a bid of 87 euros in cash per share, equivalent to a total of 7,700 million euros.
The operation was carried out through a voluntary tender offer which made its subsidiary Vodafone Pour Verwaltungsgesellschaft, which offered 84.5 euros in cash per share plus the dividend payment of EUR 2.5, Kabel Deutschland announced on February 20th.
The combination of Vodafone and Kabel Deutschland will create a leading communications operator, with a pro forma revenues of 11,500 million euros in Germany, by offering premium unified communications services to individuals and businesses.
Closed the transaction, Vodafone will have 32.4 million mobile customers in the country, five million broadband customers and 7.6 million TV service customers.
More than 100,000 people have signed up to Vodafone’s 4G network in just seven weeks in the latest sign that Britain is eager to adopt next-generation mobile internet. Demand for Vodafone‘s network is likely to be matched by O2, which launched its super-fast mobile data service alongside the company in August. The 4G network was unveilled last year by telecoms operator EE, who announced last month that more than one million people have joined the service.
Vodafone rejected a $95bn (£60bn) offer from US giant Verizon for the British company’s stake in their joint venture Verizon Wireless, eight months before selling it for $130bn. Vittorio Colao was hailed for pulling off the deal of the year when he sold his company’s 45pc stake in Verizon Wireless for $130bn, but only now has the full extent of the Vodafone chief’s brinkmanship emerged. A stock market filing from Verizon disclosed on Wednesday that in January, eight months before the deal was reached, Mr Colao had rejected a $95bn (£60bn) offer, and countered with the suggestion that the two companies merge.
Photo Credit: Alex Segre