Freenet finalises deal for Debitel

29 Apr 2008

German multi-service operator (MSO) Freenet has completed – pending regulatory approval – a deal to acquire rival Debitel for EUR1.6 billion (USD2.5 billion) including debt, finally ending the hopes of United Internet which had sought to torpedo the deal at the last minute by increasing its own bid for the company. A United Internet spokesman called the deal a ‘scandalous decision against the will of a majority of shareholders’. The transaction is still subject to anti-trust approval from the German cartel office but did not need approval from shareholders at Freenet’s general meeting, a Freenet spokeswoman said. Freenet CEO Eckhard Spoerr said he expects to get a green light from the cartel office within four weeks.

Germany, debitel, freenet, United Internet (1&1)