Orange completes Jazztel buyout
19 August 2015 |
Orange has completed the acquisition of its remaining 5.25% of shares in Jazztel, giving it full ownership of the broadband company.
The operator agreed to acquire Jazztel for €3.4 billion in May 2015 and has faced scrutiny from EU anti-trust regulators about the deal on competition concerns.
“This transaction results from the exercise of the squeeze-out rights ensuing from Orange’s successful tender offer on Jazztel. The squeeze-out has been exercised at a price of €13 per share, the same price as the offer,” said Orange.
Orange’s merger with Jazztel will allow it to better compete with Spain’s market leader Telefonica. Through the acquisition, Orange said it aims to create the second largest fixed-line broadband operator and accelerating the movement of its customers towards convergent offers.
Jazztel’s network covers 720,000 homes across 13 urban districts in Madrid, Sevilla, Valencia, Barcelona and Malaga.