Hamburg/Stuttgart – Spanish telecommunications group Telefónica S.A. intends to fully acquire its German subsidiary, which operates under the brand name O2. To do this, the parent company made an offer to the shareholders of listed company Telefónica Deutschland Holding AG to acquire their approximately 551 million shares, representing around 18.52% of the share capital. The offer was made on 5 December 2023 through its wholly-owned subsidiary Telefónica Local Services GmbH. The acceptance period for the offer ended on 17 January 2024. The offer price per share was EUR 2.35 in cash, making the acquisition offer worth around EUR 1.3 billion. The offer was accepted by a total of some 234 million shares within the acceptance period. When the time limit expired, Telefónica S.A. had a total direct or indirect holding of around 93.1% in Telefónica Deutschland Holding AG.
A CMS team headed by Dr Henrik Drinkuth and Dr Karsten Heider advised the management board of Telefónica Deutschland Holding AG on all legal aspects of the acquisition offer. Telefónica Deutschland has relied on the expertise of CMS for many years, with a recent example being the advice provided on a fibre optic joint venture with Telefónica Infra and Allianz.
CMS Germany
Dr Henrik Drinkuth, Partner
Dr Karsten Heider, Partner, both Lead
Dominik von Zehmen, Counsel
Carola Kürten, Senior Associate, all Corporate/M&A
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