Advertisement

EU approves Vodafone Kabel Deutschland buy

Author thumbnail
EU approves Vodafone Kabel Deutschland buy
Photo: DPA

The European Commission on Friday approved the €7.7 billion ($10 billion) takeover of German cable operator Kabel Deutschland by British telecom giant Vodafone.

Advertisement

In a statement, the Commission, the Europan Union's executive, said an "investigation confirmed that the activities of the merging parties were mainly complementary" and would not "appreciably alter competition".

With 8.5 million subscribers and €1.7 billion of annual turnover, Kabel Deutschland is the largest cable operator in Germany.

Vodafone is flush with cash after selling off its stake in a US joint venture to partners Verizon for $130 billion earlier this month.

On September 13th, shareholders of Kabel Deutschland gave the go-ahead for the acquisition priced at 87 euros per share.

The deal comes during a period of consolidation within the European cable industry.

Liberty Global announced in February the acquisition of its British rival Virgin Media in a deal worth $23.3 billion.

AFP

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also