Telefonica Puts Up $6.6B To Merge With KPN German Unit

Law360, New York (July 23, 2013, 12:53 PM EDT) -- Spain's Telefonica SA, on a quest to shore up business, agreed Tuesday to merge its German mobile unit with that of Dutch telecom giant Royal KPN NV in a €5 billion ($6.6 billion) deal meant to give it a leg up in one of Europe's hottest markets.

The proposal unites KPN's E-Plus, now Germany's third-biggest wireless provider with 23.4 million subscribers, and Telefonica's O2, the country's fourth-largest servicer with 19.3 million subscribers, the company said. With the expanded German business, Telefonica will creep up on competitors...
To view the full article, register now.