EU okays Vodafone buy of Kabel Deutschland [Daily Tribune (Bahrain)]
(Daily Tribune (Bahrain) Via Acquire Media NewsEdge) ? ? The European Commission yesterday approved the 7.7 billion euro ($10bn) takeover of German cable operator Kabel Deutschland by British telecom giant Vodafone. In a statement, the Commission, the Europan Union's executive, said an "investigation confirmed that the activities of the merging parties were mainly complementary" and would not "appreciably alter competition". With 8.5 million subscribers and 1.7bn euros of annual turnover, Kabel Deutschland is the largest cable operator in Germany. Vodafone is flush with cash after selling off its stake in a US joint venture to partners Verizon for $130bn earlier this month. On September 13, shareholders of Kabel Deutschland gave the go-ahead for the acquisition priced at 87 euros per share. The deal comes during a period of consolidation within the European cable industry.
Liberty Global announced in February the acquisition of its British rival Virgin Media in a deal worth $23.3bn. ? ?
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