United Internet announced it has agreed the acquisition of 15.31 percent of shares in cable operator Tele Columbus. The closing of the acquisition is subject to approval by the German anti-trust authority.
If the acquisition is approved, United Internet would have a total indirect shareholding, together with further shares acquired in the course of 11 February, of 25.11 percent in Tele Columbus. This would make it Tele Columbu's largest shareholder. United Internet said it believes that Tele Columbus is a well-positioned company with attractive market opportunities.
United Internet said it does not intend to acquire an equity stake of 30 percent or more in Tele Columbus, which would oblige it to submit a mandatory bid to all other shareholders of Tele Columbus, nor to make a voluntary takeover bid. Tele Columbus said it welcomes its new shareholder and looks forward to developing a constructive relationship with United Internet.
United Internet is already active in the German DSL and fibre broadband market, with brands such as 1&1 and Versatel. This is its first expansion in the cable sector. Tele Columbus is Germany's third-largest cable operator, with around 3.6 million connected homes.
