Spain's Telefonica announced that its stake in the German unit, Telefonica Deutschland, had reached 93.10 percent during a tender offer launched for shares in the company. Telefonica, through its subsidiary Telefonica Local Services, successfully concluded its voluntary public acquisition offer to shareholders of Telefonica Deutschland, the company announced on Monday.
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As reported by TelecomTalk in November 2023, Telefonica said it would offer to acquire up to 28.19 percent of Telefonica Deutschland shares that are not already held (directly or indirectly) by Telefonica.
Total Consideration
The offer, in the form of a partial offer, witnessed Telefonica increasing its stake in Telefonica Deutschland from approximately 71.81 percent to about 93.10 percent between November 7, 2023, and the close of the acceptance period on January 17, 2024, at 24:00 (CET). The total consideration for this acquisition amounted to EUR 1.48 billion, entirely funded in cash. During this period, shareholders representing 7.86 percent of Telefonica Deutschland's shares accepted the offer.
Transaction Completion
In addition, Telefonica independently acquired about 13.43 percent of the share capital and voting rights of Telefonica Deutschland since the offer's announcement. This figure includes settling financial instruments that granted Telefonica the right to acquire approximately 1.32 percent of Telefonica Deutschland’s share capital.
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Telefonica said no regulatory approval is needed for this transaction to be completed and expects the settlement of the offer and the payment of the offer price to be completed on January 26, 2024.
