German cable operator Tele Columbus has announced that its takeover offer by Kublai, which is backed by Morgan Stanley Infrastructure Partners, has received antitrust approval from the European Commission (EC). All conditions have now been fulfilled, meaning that the takeover can be completed. By the end of the further acceptance period on 1 April 2021, the takeover offer was accepted for over 79 million shares, equivalent to a stake of approximately 62.06% in Tele Columbus. As part of the closing of the offer, United Internet will also contribute its stake of around 29.90% to Kublai, increasing the shareholding to 91.96%. Closing of the offer is scheduled for 19 April 2021, following which a planned rights offering of EUR475 million (USD569 million) is expected to start.
‘We are pleased that the offer has been accepted by so many shareholders and that all regulatory approvals have been granted. This is great news for all parties involved. This means that the capital increase, which was approved in January 2021, can be launched before the end of April and we can go ahead with the implementation of our strategy at full speed,’ stated Tele Columbus CEO Daniel Ritz, adding: ‘The successful takeover offer and the capital increase pave the way for sustainable, organic growth for Tele Columbus in light of the Fiber Champion strategy. I look forward to working with Morgan Stanley Infrastructure Partners and United Internet.’