United Internet to raise Drillisch stake

United Internet has announced that it has agreed to purchase a roughly 9.1% equity stake in Drillisch via its subsidiary United Internet Ventures, in a move that would make it the mobile service provider’s largest shareholder. Following the completion of the acquisition, which can only be closed after the relevant approval has been granted by the Federal Cartel Office, United Internet will have a total indirect holding of 20.7% in Drillisch via its acquired and contractually agreed interests. ‘We have known Drillisch and the Choulidis brothers on its Management Board for many years and value their successful management of the company. As a strategic shareholder, we want to accompany the further development of Drillisch and profit from its growth,’ commented United Internet CEO Ralph Dommermuth. The ISP added that the product portfolio and target groups of Drillisch ‘fit well with the Access business of the United Internet Group’. However, United Internet said it does not currently intend to acquire an equity stake of 30% or more in the mobile service provider – which would oblige it to submit a mandatory bid to all other shareholders of Drillisch – nor to make a voluntary takeover bid.