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KKPNY Royal KPN NV (PK)

3.67
-0.02 (-0.54%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Royal KPN NV (PK) USOTC:KKPNY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.02 -0.54% 3.67 3.65 3.72 3.7129 3.67 3.69 641,791 21:10:19

KPN To Sell Some of Telefonica Deutschland Stake

10/11/2015 8:47am

Dow Jones News


Royal KPN NV (PK) (USOTC:KKPNY)
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By Ian Walker and Rory Gallivan

 

LONDON--Royal KPN N.V. (KPN.AE) said Tuesday it has sold 150 million shares of Telefonica Deutschland AG (O2D.XE) for 805 million Euros ($874.92 million), or EUR5.37 each.

The Dutch telecommunications group said late Monday it would sell the shares via an accelerated bookbuild offering to institutional investors, and distribute around 70% of the proceeds from the sale to its shareholders in 2016.

It will return the money via a dividend in the form of a capital repayment, and use the rest to strengthen its financial flexibility.

Prior to the sale, KPN had 610 million shares in Telefonica Deutschland, which offers mobile and fixed-line telecoms services in Germany and is part of the Spanish telecommunications group Telefonica S.A. (TEF).

Following the sale, KPN will hold 15.5% of Telefonica Deutschland's issued shares and has agreed a lock-in period for 90 days from settlement of the deal.

The transaction is expected to settle on Nov. 12.

 

-Write Ian Walker at ian.walker@wsj.com; @IanWalk40289749 and Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

November 10, 2015 03:32 ET (08:32 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.

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