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Telefonica enhances ownership in German unit to 93.1% through tender offer

Telefónica, S.A. through Telefónica Local Services GmbH, a wholly-owned subsidiary of Telefónica, today announced the result of the voluntary public acquisition offer in the form of a partial offer to the shareholders of Telefónica Deutschland Holding AG.

From the day of Telefónica’s announcement of the public acquisition offer on 7 November 2023 until the end of the acceptance period on 17 January 2024, 24:00 (CET), Telefónica increased its stake in the share capital in Telefónica Deutschland from approximately 71.81% to approximately 93.10%, for a total consideration of EUR 1,483 million funded entirely with cash.

The Offer has been accepted by shareholders holding 7.86% of Telefónica Deutschland’s shares. In addition, since the Offer was announced, Telefónica has acquired (other than pursuant to the Offer) approximately 13.43% of the share capital and voting rights of Telefónica Deutschland. This includes the settlement of financial instruments that gave Telefónica the right to acquire approximately 1.32% of Telefónica Deutschland’s share capital.

Given that no regulatory approval is needed for this transaction to be completed, the Bidder expects the settlement of the Offer and the payment of the offer price to occur on 26 January 2024.

CT Bureau

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