KPN gets green light for Reggefiber takeover
31 October 2014 |
Dutch telco KPN has received approval from the Netherland’s Autoriteit Consument & Markt (ACM) regulatory body to acquire a further 9% of FTTH operator Reggefiber, bringing its total hold in the company to 60%.
KPN will acquire the stake from Reggeborgh for €161 million and the deal – which closes today – provides KPN with full control of Reggefiber, allowing the company to consolidate the Reggefiber operations into its financial statements.
Reggeborgh has the option to sell its remaining 40% stake in Reggefiber to KPN before July 2, 2017 for a guaranteed price of €647 million, or by January 1, 2021 for a “fair market value”.
“The consolidation of Reggefiber fits perfectly in KPN’s hybrid upgraded copper/FTTH strategy and marks another important step to strengthen KPN’s commitment to FTTH in The Netherlands,” said Joost Farwaeck, member of the management board of KPN.
“This, together with the operational synergies, will provide further support for the execution of our strategy in The Netherlands.”
Headquartered in Rijssen, the Netherlands, Reggefiber specialises in the installation of fibre-optic connections.