Vodafone confirms Kabel Deutschland offer at £74 per share

Tech company Vodafone has confirmed an offer to German Kabel Deutschland at €87 (£74) per share (release), valuing the company at £6.6bn.

The Transaction will be implemented as a voluntary public tender offer by Vodafone's wholly-owned subsidiary Vodafone Vierte Verwaltungsgesellschaft mbH for €84.50 per share in cash (the "Offer") plus the payment of the €2.50 dividend announced by Kabel Deutschland on 20 February 2013.

The Management and Supervisory Boards of Kabel Deutschland welcome the Transaction. Subject to their review of the formal Offer Document, the Management and Supervisory Boards intend to recommend Kabel Deutschland shareholders accept the Offer, and the Management Board members intend to accept the Offer in respect of their entire beneficial shareholdings.

The combination of Vodafone and Kabel Deutschland will create a leading integrated communications operator, with €11.5 billion (£9.8 billion) of pro forma revenues in Germany, offering consumer and enterprise customers premium unified communications services. Following completion of the Transaction, Vodafone will have 32.4 million mobile, 5.0 million broadband and 7.6 million direct TV customers in Germany.