Bloomberg 25 June 2013
Vodafone Group Plc agreed to buy Kabel Deutschland Holding AG after increasing its bid for Germany’s largest cable company to 7.7 billion euros ($10.1 billion) in the second-biggest takeover of a telecommunications network in Europe this year.
Kabel Deutschland’s board is set to recommend the 87-euro per share cash offer, the companies said in separate statements, confirming a Bloomberg News report yesterday. The combination will result in synergies in cost and capital spending exceeding 3 billion euros after integration costs, Vodafone said.
Buying Kabel Deutschland would give Newbury, England-based Vodafone access to the German company’s 8.5 million connected households and potential customers for combined packages of phone, Internet and TV subscriptions. The U.K. company has been vying for the asset with billionaire John Malone’s Liberty Global Plc (LBTYA), which last week made its own preliminary offer, said to be valued at 85 euros a share.
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