KPN rejects unsolicited approaches from KKR, EQT/Stonepeak

4 May 2021

Dutch telco KPN disclosed on its website that its Board of Management and Supervisory Board have rejected two unsolicited private equity takeover approaches, from KKR and EQT/Stonepeak Infrastructure Partners, having concluded that both propositions failed to offer ‘tangible and material added value’ over KPN’s existing ‘Accelerate to grow’ strategy to create long-term value in the interests of all stakeholders.

The Boards considered whether the two approaches were in the best interest of KPN ‘compared with KPN’s successful existing strategy for sustainable success and long-term value creation of the business, taking into account the interests of its shareholders and all its stakeholders, including customers, employees, creditors and bondholders, suppliers, business partners, government and Dutch society at large.’ There are no ongoing negotiations.

New York-based Stonepeak Infrastructure Partners and Sweden’s EQT were reported to be working on a joint bid for KPN last month, while KPN noted that a recent approach from US investment fund KKR was entirely separate.

Netherlands, EQT, Kohlberg Kravis Roberts & Co (KKR), KPN, Stonepeak Infrastructure Partners