KPN To Sell Some of Telefonica Deutschland Stake
November 10 2015 - 3:47AM
Dow Jones News
By Ian Walker and Rory Gallivan
LONDON--Royal KPN N.V. (KPN.AE) said Tuesday it has sold 150
million shares of Telefonica Deutschland AG (O2D.XE) for 805
million Euros ($874.92 million), or EUR5.37 each.
The Dutch telecommunications group said late Monday it would
sell the shares via an accelerated bookbuild offering to
institutional investors, and distribute around 70% of the proceeds
from the sale to its shareholders in 2016.
It will return the money via a dividend in the form of a capital
repayment, and use the rest to strengthen its financial
flexibility.
Prior to the sale, KPN had 610 million shares in Telefonica
Deutschland, which offers mobile and fixed-line telecoms services
in Germany and is part of the Spanish telecommunications group
Telefonica S.A. (TEF).
Following the sale, KPN will hold 15.5% of Telefonica
Deutschland's issued shares and has agreed a lock-in period for 90
days from settlement of the deal.
The transaction is expected to settle on Nov. 12.
-Write Ian Walker at ian.walker@wsj.com; @IanWalk40289749 and
Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 10, 2015 03:32 ET (08:32 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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