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Telefónica reaches 93.1% of its German subsidiary for 1,483 million euros

MADRID, 22 Ene.

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Telefónica reaches 93.1% of its German subsidiary for 1,483 million euros

MADRID, 22 Ene. (EUROPA PRESS) -

Telefónica has increased its participation in the share capital of its German subsidiary Telefónica Deutschland from approximately 71.81% to around 93.1% for a total amount of 1,483 million euros, paid entirely in cash, within the framework of the voluntary and partial public offer for the acquisition of shares (OPA) launched by the operator last November.

The company has informed the National Securities Market Commission (CNMV) this Monday that since the announcement of the takeover bid on November 7, 2023 until the end of the acceptance period, on January 17, 2024, the offer has been accepted by shareholders holding 7.86% of the shares of Telefónica Deutschland.

Furthermore, since the takeover bid was announced, Telefónica has acquired, outside of the offer, approximately 13.43% of the share capital and voting rights of Telefónica Deutschland, including the liquidation of financial instruments that gave Telefónica the right to acquire approximately 1.32% of the share capital of Telefónica Deutschland.

In this way, after the takeover bid and the rest of the operations carried out by the operator, its participation in the share capital of its German subsidiary has gone from 71.81% to 93.1%.

The company has explained that no regulatory approval is necessary for this operation to be completed, which is why it expects that the settlement of the takeover bid and the payment of the offer price will take place this Friday, January 26.

Telefónica Deutschland is one of the main providers of integrated telecommunications services in Germany, with more than 44 million mobile accesses and 2.3 million broadband accesses.

At the beginning of November, Telefónica launched a takeover bid for shares representing a maximum of 28.19% of the share capital and voting rights of its German subsidiary for a maximum amount of 1,970.3 million euros.

The offer was formulated as a sale of shares and the consideration offered to Telefónica Deutschland shareholders was 2.35 euros in cash for each share, with a premium of more than 30%.

By virtue of this operation, Telefónica and its German subsidiary intend to increase the contribution of Telefónica Deutschland to the consolidated profit and to the cash flows attributable to Telefónica shareholders.