Vodafone completes buyout of German cable operator

British telecoms firm Vodafone says it has completed its 7.7 billion-euro ($10 billion) takeover of Germany's biggest cable operator, Kabel Deutschland.

Vodafone, one of the world's largest cellphone companies, said in a statement Monday that it now holds just over 76 percent of Kabel Deutschland Holding AG. The acquisition marks a major step for Vodafone in its goal of dominating media services in Europe, its biggest market.

The British company is awash in cash after U.S. mobile operator Verizon Communications Inc. bought back its 45 percent stake held by Vodafone. The $130 billion buyout deal is one of the largest corporate acquisitions ever.

Vodafone was attracted by Kabel Deutschland's extensive network in Germany, which the British firm can use to expand its fixed-line, broadband and television business.

© 2013 The Associated Press. All rights reserved.

Citation: Vodafone completes buyout of German cable operator (2013, October 14) retrieved 28 March 2024 from https://phys.org/news/2013-10-vodafone-buyout-german-cable.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

EU antitrust body OKs Vodafone's German cable deal

0 shares

Feedback to editors