Spain’s Comision Nacional del Mercado de Valores (CNMV) has announced that shareholders representing 94.75% of alternative Spanish broadband provider Jazztel’s total share capital have accepted Orange Group’s takeover offer of EUR13 (USD14.5) per share. In total, the telecoms giant will pay out EUR3.179 billion for the shares, with the settlement expected to take place on 1 July 2015. The squeeze-out will be effected on or around 13 August 2015, and will require an additional disbursement of EUR176 million; upon completion, Jazztel shares will automatically be delisted from the Spanish stock exchanges.
As previously reported by TeleGeography’s CommsUpdate, Orange initially made an offer to buy 100% of Jazztel’s shares in September 2014. The proposed acquisition was subsequently investigated by the European Commission (EC), which noted that both Orange Espana and Jazztel operate fixed telecoms networks and therefore the transaction would reduce the number of nationwide providers of such services from four to three; the deal was subsequently given EC approval on 19 May 2015, conditional upon the full implementation of a number of commitments that ‘will ensure effective competition on the fixed internet access services markets after the takeover’.