KPN gaat deel van belang in Telefónica Deutschland verkopen

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Beleggingsadvies 10/11/2015 06:53
KPN is voornemens 150 miljoen aandelen in Telefónica Deutschland Holding AG (“TEFD”) te verkopen en ongeveer 70% van de opbrengst in 2016 uit te keren aan aandeelhouders van KPN. De verkoop zal het huidige belang van KPN in TEFD van 20,5% terugbrengen tot ongeveer 15,5%.


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•Sale of 150 million shares in Telefónica Deutschland representing approximately 5.0% of Telefónica Deutschland's outstanding share capital
•Approximately 70% of proceeds to be returned to shareholders of KPN
Today, Royal KPN N.V. ("KPN") announces an accelerated bookbuild offering to institutional investors of 150 million shares in Telefónica Deutschland Holding AG ("TEFD") currently owned by KPN, representing approximately 5% of TEFD's outstanding share capital. KPN holds in total approximately 610 million shares in TEFD's outstanding share capital, representing approximately 20.5%. Following successful completion of the transaction, this stake will be reduced to approximately 15.5%.

Eelco Blok, CEO of KPN
"We consider the stake in Telefónica Deutschland as a financial investment, which provides additional financial flexibility. Our investment-led strategy is firmly on track and is yielding positive operational and financial results. The partial sell down creates shareholder value and at the same time we maintain attractive exposure to Telefónica Deutschland via our remaining stake."

KPN intends to distribute approximately 70% of the proceeds to its shareholders in 2016 as a dividend in the form of a capital repayment. Further details on shareholder remuneration in respect of the year 2016 will be provided with the publication of KPN's Annual Results 2015. The remainder of the proceeds will be retained to reduce net debt and strengthen KPN's financial position. As a result of this transaction and the allocation of proceeds, KPN's net debt/EBITDA ratio is expected to be reduced by approximately 0.1x. KPN has a solid financial position with additional flexibility via its remaining stake in TEFD and the expected cash proceeds from the sale of BASE Company.

KPN reiterates its intention to pay a regular dividend per share of EUR 8.0 cents in respect of 2015 (excluding the EUR 3.4 cents distribution related to the dividend received on its TEFD stake) and a growing dividend per share in respect of 2016.

The offer price and final number of shares sold will be determined at the conclusion of the bookbuilding process and will be announced in a separate press release. KPN has agreed to a lock-up in respect of its remaining stake in TEFD for 90 days as of the settlement date of the transaction (subject to the customary exceptions).

tijd 16.56
KPN EUR 3,294 +11,4ct vol. 18,1 milj.



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