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KPN acquires full control over E-Plus

Thursday 14 March 2002 | 09:10 CET | News
Royal KPN successfully completed the acquisition of BellSouth' 22.51% stake in the German Mobile operator E-Plus. Royal KPN now has full control of E-Plus, Germany’s third largest mobile operator. In exchange for its interest in E-Plus, BellSouth received 234.7 million newly issued ordinary shares of Royal KPN representing a fair market value of Euro 1,253 million (based on the closing price on March 13 on Euronext Amsterdam). As a result of the transaction BellSouth holds 9.42% of KPN’s 2,491 million outstanding shares. As previously announced BellSouth surrendered its existing warrant on KPN shares, all of its rights regarding KPN Mobile and all of its contingent rights pertaining to KPNQwest. The newly acquired interest of 22.51% in E-Plus will be held directly by Royal KPN. KPN Mobile holds the remaining 77.49%. As a result of the transaction and consolidation of 100% of E-Plus, KPN’s net consolidated debt will increase by approximately Euro 930 million, based on Q3 2001 figures. The effect on revenues (Jan-Sep 2001) would have been an increase of Euro 377 million (Euro 128 million in Q3 2001) and an increase of Euro 60 million (Euro 38 million in Q3 2001) on Ebitda. Royal KPN will announce its financial 2001 results on March 18, 2002, together with a pro-forma statement incorporating the effect of this transaction, and anticipates publishing the prospectus for the newly issued shares on the same day. The exchange right as recorded on the balance sheet of KPN, as at 30 September, 2001 amounting to Euro 7.6 billion, will be valued at the fair market value of Euro 712 million which will result in an incremental financial income for 2001 of Euro 6,848 million. Royal KPN also announces a write down of Euro 13.7 billion of goodwill on the 77.49% interest in E-Plus held by KPN Mobile. Including the effect of the minority interest of NTT DoCoMo in KPN Mobile this will have a net effect on Royal KPN's results of 2001 of Euro 12.4 billion, a figure larger then the earlier indicated range of Euro 9-11 billion. US GAAP requires that the effects of the above mentioned impairment are recorded in fiscal year 2002.

Categories:
Companies: E-Plus / KPN / KPNQwest
Countries: Netherlands
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121%
Dutch mobile penetration in Q2 2014
Netherlands  |  2014 Q2

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