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Monday, June 24, 2013
Vodafone Buys Kabel Deutschland

Vodafone today announced its intention to acquire Kabel Deutschland. The planned transaction is valuing the company's equity at Euro 7.7 billion. The management team of Kabel Deutschland welcomed and accepted the offer.

In a statement Kabel Deutschland said it believes "a future combination with Vodafone promises highly attractive long-term benefits for both companies, their customers, workforces and shareholders."

The offer announced by Vodafone is accompanied by a Business Combination Agreement. The tender offer price of Euro 84.50 will be increased by Euro 2.50 to Euro 87.00 per share if the transaction closes before the Kabel Deutschland Annual General Meeting on 10 October 2013. If the transaction closes after 10 October 2013, Kabel Deutschland shareholders will receive the dividend of Euro 2.50 per share first and Euro 84.50 per share from Vodafone on closing of the transaction.

Vodafone, CEO Adrian v. Hammerstein said: "Kabel Deutschland has evolved into one of the most dynamic players in the sector. Its high-performance infrastructure and successful strategy makes it ideally placed to continue returning above-average growth in a rapidly changing market. Kabel Deutschland and Vodafone are an ideal fit. Together, we have the opportunity to become Germany's leading telecommunications and television provider and to create what for the German market is a unique, winning combination of fixed line and mobile communications."

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