Orange to buy Spain’s Jazztel
JazztelOrange has reached an agreement to buy a 100% stake in the Spanish telco Jazztel
The offer, which is worth €13 a share in cash to Jazztel’s shareholders, prices the company at €3.4 billion and is conditional on the acceptance of at least 50.01% of Jazztel’s capital, excluding shares for which am irrevocable undertaking agreement has been signed.
Leopoldo Fernandez Pujals, who holds 14.5% of the capital, has made a commitment to participate in the offer.
Other executive members of Jazztel’s board of directors, José Miguel Garcia Fernandez, CEO, and José Ortiz Martinez, general secretary, have also agreed to the offer.
A deal will be subject to the approval of the relevant authorities.
It will also be be subject to the shared jurisdiction of the Spanish Securities Commission (the “CNMV”) and the UK Takeover Panel on Takeovers and Mergers.
Should it go through, it will create the second biggest fixed-line broadband operator and one of the leading mobile companies in Spain.