Jawohl! Vodafone gets nod for £6.5bn Kabel Deutschland slurp
Shareholders approve creation of Vaterland-ruling quad giant
Vodafone now owns just over three quarters of Kabel Deutschland, following a shareholder meeting which approved the British operator's takeover of the German telco, creating a one-stop-shop for continental consumers.
The buyout, which cost Vodafone £6.5bn, was announced back in June but has been awaiting shareholder approval and regulatory permission.
As of October 14 Vodafone is the majority shareholder in Kabel and can start hawking its offerings to the 32 million Germans already using its mobile service.
Kabel Deutschland has infrastructure connected to 15.3 million homes but only five million of those have broadband from the company – a proportion that Vodafone wants to increase.
Vodafone is also under pressure from competitors who can bundle broadband, TV, mobile and fixed telephony into a single bill, something the acquisition of Kabel makes possible.
The deal wasn't expected to hit any problems – the German market is highly competitive, and the board of Kabel Deutschland had recommended acceptance of the offer – but completion is still a significant step for the world's second largest mobile operator. ®