KPN has announced to sell its German mobile operator Eplus to Telefónica Deutschland for EUR 5bn in cash and a 17.6% stake in the combination of Eplus and Telefónica Deutschland. The two companies are currently #3 and #4 in Germany. The combination will be market leader in terms of number of customers post completion. Telefónica Deutschland is for 77% owned by Telefónica and the remaining 23% of the shares are listed.
The transaction is subject to shareholder approval by KPN and Telefónica Deutschland, as well as regulatory approval.
ABN AMRO acted as sole adviser to the Supervisory Board of KPN, next to Goldman Sachs and JPMorgan who advised the Management Board. This advisory mandate follows on ABN AMRO’s Supervisory Board mandates in relation to the partial public offer by AMX in 2012, the capital increase earlier this year, and its role in the rights issue also earlier this year.