- French carrier Orange (NYSE:ORAN) is offering to acquire Spanish broadband provider Jazztel (OTCPK:JAZTF) for ~€3.4B ($4.4B), or €13/share for a premium of 22% over the stock’s close Friday in Madrid.
- Buying Jazztel would give Orange ~1.5M broadband subscribers to help bolster offers of combined broadband, TV and wireless packages; Jazztel's revenue has grown in every quarter since 2008, and this year sales may reach €1.2B, quadrupling from 2007.
- Chairman Leopoldo Fernandez Pujals is Jazztel’s biggest shareholder with a ~15% stake.