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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Telefonica Sa | LSE:0A2Y | London | Ordinary Share | TELEFONICA ADR REP ONE ORD (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 828 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Radiotelephone Communication | 41.13B | -892M | -0.0783 | -57.34 | 51.14B |
From Apr 2019 to Apr 2024
TIDM0TDE
RNS Number : 2543M
Telefonica SA
07 May 2020
TELEFÓNICA, S.A. ("Telefónica") in compliance with the Securities Market legislation, hereby communicates the following:
INSIDE INFORMATION
Telefónica informs that it has reached an agreement with Liberty Global plc to combine into a 50-50 joint venture (JV) their operating businesses in the UK (O2 Holdings Ltd. and Virgin Media UK, respectively) to create an integrated communications provider in the UK with over 46 million video, broadband and mobile subscribers and approximately GBP11billion of revenue.
The combined entity will be a stronger fixed and mobile player in the UK market and will benefit from the scale and complementary expertise of each partner, who will provide a suite of services to the JV after closing.
The transaction will deliver significant value, with sizeable and highly visible synergies of GBP6.2bn on a net present value basis after integration costs, capex and revenue benefits of GBP540 million on an annual basis by the fifth full year post closing, and free cash flow accretive since year one for Telefónica, that expects to receive GBP5.7bn of proceeds in total after an equalization payment to Telefónica of GBP2.5 billion.
The JV will target leverage of between 4x and 5x OIBDA. This move is fully aligned with the New Telefonica strategy to focus and improve market positioning in its core markets.
The parties have agreed to restriction the transfer of interests in the JV to a third party until the fifth anniversary of closing, when it will be subject to a right of first offer in favour of the other shareholder.
The transaction is subject to regulatory approvals, consummation of the recapitalizations and other customary closing conditions.
Please see attached press release.
http://www.rns-pdf.londonstockexchange.com/rns/2543M_1-2020-5-7.pdf
Madrid, 7 May 2020.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
May 07, 2020 03:38 ET (07:38 GMT)
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