Germany’s third-largest cable group Tele Columbus yesterday announced that it has changed its name and legal form and will operate as Tele Columbus AG going forward (previously Tele Columbus Holding GmbH), after a conversion into a German stock corporation became legally effective upon registration in the commercial register of Berlin on 12 September 2014. ‘The conversion into a stock corporation completes the structural and organisational realignment we have been implementing over the past years. The new legal form also gives us more flexibility for additional growth and the future development of Tele Columbus,’ announced Ronny Verhelst, CEO of Tele Columbus. After a proposed merger between Tele Columbus and Kabel Deutschland was blocked by the Federal Cartel Office in February 2013, several other sale rumours have emerged but not progressed to a deal, and the latest corporate change will increase speculation on a potential stock market listing.
Another German operator, United Internet, announced today that it has increased its share capital, by placing eleven million new ordinary registered shares with institutional investors by way of an accelerated bookbuilding placement (through partial utilisation of its authorised capital). The share capital of the company increased from EUR194 million to EUR205 million (USD251 million to USD265 million) via the placement of the eleven million new shares (corresponding to approximately 5.7% of the existing share capital). The shares were placed at a price of EUR32.00 per share, and United Internet generated gross proceeds amounting to approximately EUR352.0 million before deduction of commissions and expenses. The company’s press release noted that the net proceeds of the capital increase will be used to increase the financial flexibility in the context of corporate financing.