United Internet AG (UDIRF.PK) announced Monday a voluntary public takeover offer for Tele Columbus AG by Equity Management GmbH, a bidding company of Morgan Stanley Infrastructure Partners, of 3.25 euros per Tele Columbus share.
If the takeover offer is successful, United Internet will contribute its stake in Tele Columbus of around 29.9 percent to the bidding company. In return, United Internet will receive a minority shareholding in the bidding company Equity Management, which will trade in future as Kublai GmbH.
In addition, the bidding company has committed to subscribe for new shares worth up to EUR 475 million in the event of a rights offering to be adopted by Tele Columbus.
On conclusion of the takeover offer, United Internet will participate in the capital increase with an amount in the range of EUR 142 to EUR 190 million.
Following successful completion of the transaction, United Internet can increase its stake in the bidding company at its own discretion so that it has an indirect shareholding in Tele Columbus of between 29.9% and 40%.
United Internet has announced that, together with Morgan Stanley Infrastructure Partners, it will provide sustained support for the implementation of Tele Columbus’s Fiber Champion strategy. With this strategy, Tele Columbus plans to play a major role in driving the expansion of Germany’s fiber infrastructure.
Tele Columbus AG has gained Morgan Stanley Infrastructure Partners as an infrastructure investor with a long-term perspective.
Further, 1&1 Drillisch AG, affiliated to United Internet, has signed a binding preliminary agreement with Tele Columbus to use the latter’s cable/fiber optic network as a pre-service for its broadband products. The preliminary agreement is subject to the successful conclusion of the takeover offer.
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