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Aandeel KPN Koninklijke AEX:KPN.NL, NL0000009082

Laatste koers (eur) Verschil Volume
3,506   +0,013   (+0,37%) Dagrange 3,496 - 3,511 1.265.086   Gem. (3M) 7,6M

KPN weekdraadje van 22 t/m 26 juli 2013

4.300 Posts
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  1. [verwijderd] 23 juli 2013 09:00
    The transaction
    At completion of the transaction, KPN will transfer 100% of its interest in E-Plus to Telefónica Deutschland for a consideration consisting of EUR 3.7 billion in cash and newly issued shares in Telefónica Deutschland, representing 24.9% of the share capital1. Simultaneously, Telefónica S.A. will acquire a 7.3% interest in Telefónica Deutschland from KPN for a cash consideration of EUR 1.3 billion. KPN’s remaining interest of 17.6% in Telefónica Deutschland will be subject to a lock-up period of 180 days.
    Applying the purchase price of EUR 1.3 billion for the 7.3% interest in Telefónica Deutschland acquired by Telefónica S.A. to KPN’s remaining 17.6% interest in Telefónica Deutschland, implies a total transaction valuation for E-Plus of EUR 8.1 billion, which represents a 9.0x multiple on E-Plus analyst consensus FY 2013 EBITDA2. The actual transaction valuation may vary over time and will depend on Telefónica Deutschland’s share price development.
    The transaction is subject to KPN EGM approval and the KPN Boards intend to convene the EGM in the coming weeks. The KPN Boards, taking into account the interests of shareholders and other stakeholders, have approved and recommended the transaction.
    Telefónica S.A. has given an irrevocable commitment to vote its 77% interest in Telefónica Deutschland in favor of the transaction at Telefónica Deutschland’s EGM.
    The transaction is subject to merger clearance.
    In addition, the transaction is subject to other customary terms and conditions including:
    ? A break-up fee of EUR 100 million payable by Telefónica Deutschland in case the merger control authorities do not approve the transaction
    ? A reciprocal break-up fee of EUR 50 million payable by Telefónica Deutschland or KPN in case their respective shareholders do not approve the transaction in their respective EGM
    ? A break-up fee of EUR 50 million payable by KPN in case it revokes its recommendation for the transaction as a result of a superior offer for E-Plus in excess of EUR 8.6 billion
    Telefónica Deutschland will finance the EUR 3.7 billion cash component of the transaction through a rights offering which is fully underwritten by Telefónica S.A.
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