Vodafone completes takeover of Kabel Deutschland

14th October 2013, Comments 0 comments

British mobile phone giant Vodafone said Monday that the group has now completed its 7.7-billion-euro ($10-billion) takeover of Kabel Deutschland.

"Vodafone Group Plc announces that the voluntary public takeover offer for Kabel Deutschland Holding AG (KDH) by Vodafone Vierte Verwaltungs AG, a subsidiary of Vodafone, has been settled and completed as of Monday, 14 October 2013," said in a statement.

"Vodafone now holds 76.57 percent of the share capital of KDH."

The British firm needed to secure at least 75 percent of Kabel shares to succeed, but this level was surpassed last month.

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

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

The British group had launched the cash takeover in June in an attempt to grow in Europe, amid consolidation within the cable industry.

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

© 2013 AFP

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