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Telefonica shareholders approve capital measures for E-Plus deal

13 Feb 2014

Shareholders of Telefonica Germany have approved capital measures related to the acquisition of E-Plus, the German mobile unit of Dutch telecoms group KPN, at an extraordinary general shareholders’ meeting. According to a press release, the increase of the share capital against cash contribution with subscription rights for the shareholders by up to EUR3.7 billion (USD5.04 billion), as well as the related amendment of the articles of association, had an approval rating of 99.99%. The meeting also approved the authorisation of the management board for a capital increase by contribution in kind by up to EUR475 million and the related amendment of the articles of association with a majority of 99.98%. ‘We are delighted that our shareholders support the capital measures for our plans to acquire E-Plus. The approval by the extraordinary general meeting was an important milestone for us. We remain confident that we will get regulatory clearance by the European Commission (EC) and can continue our way to a leading, digital telecommunications company in Germany,’ commented Markus Haas, chief strategy officer of Telefonica Deutschland.

As previously reported by CommsUpdate, shareholders of KPN approved the sale of E-Plus to Telefonica at an extraordinary general meeting in October, and at the end of the month the Spanish company submitted a proposal to the EC seeking approval for the deal. In December the EC opened an in-depth investigation into the proposed transaction and has until 14 May 2014 to make a final decision on the matter. Following completion of the transaction, which was announced in July 2013, KPN will receive EUR5.0 billion in cash and a 20.5% stake in the enlarged mobile operator.

Germany, E-Plus Group, Telefonica Deutschland Holding

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