Telefonica (TEF +1.5%) is in "advanced talks" to merge its German unit (went public last year)...


Telefonica (TEF +1.5%) is in "advanced talks" to merge its German unit (went public last year) with KPN's (KKPNY.PK) E-Plus German mobile unit in a cash/equity deal, the FT reports. The deal is said to have the blessing of Carlos Slim - America Movil (AMX +0.5%) owns ~28% of KPN - and would reportedly result in Telefonica paying €6B ($7.9B) and owning a 50%+ stake in the combined firm, whose enterprise value is pegged at €16B ($21.1B). EU regulators could object to the deal antitrust grounds; Citi thinks it could yield €4B in synergies if it happens. Telefonica Deutschland +6% in Frankfurt, KPN +10.1% in Amsterdam.

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