KPN sells 150 million shares in Telefónica Deutschland for total proceeds of EUR 805 million
Via KPN
Nov 10, 2015
Today, Royal KPN N.V. (“KPN”) announces that it has successfully completed the accelerated bookbuild offering to institutional investors of 150 million shares in Telefónica Deutschland Holding AG (“TEFD”) at a price of EUR 5.37 per share, realizing EUR 805 million of proceeds. This transaction reduces KPN’s stake in TEFD’s outstanding share capital from approximately 20.5% to approximately 15.5%.
KPN intends to distribute approximately 70% of the proceeds of the transaction to its shareholders in 2016 as a dividend in the form of a capital repayment and to use the remainder to further strengthen its financial flexibility.
The transaction is expected to settle on 12 November 2015. KPN has agreed to a lock-up in respect of its remaining stake in TEFD for 90 days as of the settlement date of the transaction (subject to the customary exceptions).
Email Newsletters
Sign up to receive TelecomTV's top news and videos, plus exclusive subscriber-only content direct to your inbox.
Subscribe