Vodafone Group plc (VOD) Gets Shareholder Approval To Buy Kabel Deutschland
Vodafone Group plc (LON:VOD) has given approval to buy Kabel Deutschland for €87 per share at a total value of €7.7 billion ($10 billion). Vodafone was required to get 75% of shareholders to agree to the deal. Since that threshold has been met, Vodafone believes that the acquisition will be completed by the end of the month.
This deal still needs to be approved by the European Commission. The first phase of that review is expected to end by September 20th.
When Vodafone acquires Kabel Deutschland, they will gain a larger marketshare in Germany. Vodafone will combine broadband, mobile, and TV subscriptions in Germany.
Following the acquisition, Vodafone will have 5 million broadband subscribers, 7.6 million direct TV subscribers, and 32.4 million mobile subscribers in Germany.