Telefónica has América Móvils support in acquiring German operator E-Plus from KPN

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The Telefónica Board of Directors has approved an agreement with America Móvil which are the main stakeholders of KPN, with a stake of 29.77%, committing the Mexican company owned by the richest man in the world, Carlos Slim, to support the acquisition by Telefónica Group of KPN’s German mobile operator E-Plus.

 

The transaction is subject to obtaining both the relevant regulatory approval and clearance at KPN’s and Telefónica Deutschland’s Extraordinary Shareholders’ Meeting. This will subsequently result in a new strong player in the German mobile market with 43 million mobile customers and combined revenues of €8.6 billion euros.

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This transaction will also provide significant synergy potential, particularly with respect to distribution, customer service and network services. The total value of the synergies expected from the transaction, according to a press release issued by Telefónica is estimated to be between 5 and 5.5 billion euros net of integration costs.

 

 

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