Freenet gets FCO nod for Debitel takeover

28 May 2008

Reuters reports that Germany’s Federal Cartel Office (FCO) has agreed to Freenet’s takeover of rival Debitel for EUR1.63 billion (USD2.57 billion), according to a company statement in which Freenet said it could now proceed with the next steps to conclude the transaction. Last week, ISP United Internet failed in a legal action seeking to stop multi-service operator (MSO) Freenet issuing new shares to help finance the takeover of mobile reseller Debitel. United Internet, which together with MVNO Drillisch holds 25.24% in Freenet (via joint vehicle MSP Holdings), has fiercely opposed the Debitel deal throughout, as it wanted to acquire Freenet instead, and argued that the acquisition of Debitel was ‘not in the interest of a majority of shareholders’.

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