Telefonica completes a voluntary acquisition bid, bringing its ownership of Telefonica Deutschland to 93.10%.
Following the initiation of a tender offer for the company’s shares based in Spain, said that it now owned 93.10 percent of the German subsidiary, Telefonica Deutschland. The company said on Monday that, through its subsidiary Local Services, has successfully completed its bid to buy out Telefonica Deutschland’s stockholders through a voluntary public acquisition.
Strategy
With the offer, which took the shape of a partial offer, Telefonica increased its ownership in Telefonica Deutschland from around 71.81 percent to roughly 93.10 percent between November 7, 2023, and January 17, 2024, at 24:00 (CET), when the acceptance period ended. This transaction came with a total value of EUR 1.48 billion, all of which consisted of cash. A total of 7.86 percent of Telefonica Deutschland’s shares were accepted by shareholders throughout this time.
Finalization of Deal
Also, since the announcement of the deal, Telefonica has separately bought around 13.43 percent of Telefonica Deutschland’s share capital and voting rights. This amount comprises the settlement of financial instruments that gave the company the option to purchase around 1.32 percent of the share capital of Telefonica Deutschland.
In order to finalize the acquisition, Telefonica stated that no regulatory permission is required. The company anticipates that the offer will be settled and the offer amount paid on January 26, 2024.
