KPN sells 5% stake in Telefonica Deutschland for EUR 805 mln

Nieuws Algemeen Nederland 10 NOV 2015
KPN sells 5% stake in Telefonica Deutschland for EUR 805 mln
KPN has sold a 5 percent stake in Telefonica Deutschland to institutional investors for EUR 805 million. The 150 million shares were sold in an accelerated bookbuilding at EUR 5.37 each, a small discount to the EUR 5.47 closing price the day prior to the sale. 

KPN acquired a 20.5 percent stake in Telefonica's German subsidiary when it sold E-Plus to the company last year. With the latest share sale, KPN's stake in Telefonica Deutschland is reduced to 15.5 percent. The Dutch operator agreed to not sell any further shares in Telefonica Deutschland for 90 days. 

KPN said it will use 70 percent of the proceeds from the sale to pay dividends and the remainder to stengthen its balance sheet. 

Categories:

Algemeen

Companies:

E-Plus,  KPN,  O2,  Telefonica Deutschland

Countries:

Nederland

Tags:

Shareholders & subsidiaries, Financial funding

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