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Elliott requests special auditors for review of Kabel Deutschland takeover

21 Apr 2015

US hedge fund Elliott Management Corporation has asked a Munich regional court to appoint two special auditors to review Vodafone Group’s EUR7.7 billion (USD8.3 billion) takeover of German cableco Kabel Deutschland in 2013, reports Reuters. Elliott Management Corporation, which holds a 13.5% stake in Kabel Deutschland, is seeking an independent investigation into whether the cable company’s management informed investors accurately and in a timely manner about the acquisition. As previously reported by TeleGeography’s CommsUpdate, a special auditor’s report published in December 2014 found that there was a discrepancy between the price Vodafone Group paid for Kabel Deutschland and the value of the company. Vodafone officially announced its intention to acquire Kabel Deutschland for EUR7.7 billion and EUR3 billion of net debt in June 2013. Following European Commission approval, the transaction completed on 14 October 2013 with Vodafone holding 77% of the cableco’s share capital.

Germany, Kabel Deutschland, Vodafone Germany, Vodafone Group

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