After months of speculation, Telefonica Deutschland (TEF) has agreed to acquire KPN's (KKPNF.PK)...


After months of speculation, Telefonica Deutschland (TEF) has agreed to acquire KPN's (KKPNF.PK) German E-Plus unit in a deal that values the subsidiary at €8.1B. KPN will receive €5B in cash and a 17.6% stake in Telefonica Deutschland. The transaction will create the biggest cellular operator in Germany with annual revenues of over €8B, and enable the combined entity to better compete with leading operators Deutsche Telekom (DTEGF.PK) and Vodafone (VOD). The merger is expected to create synergies of €5-5.5B.
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