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Vodafone completes Arcor takeover

Vodafone Group PLC said Monday that it had bought the remaining 26.4% stake in German broadband provider Arcor that it didn't already own for EUR474 million in cash from railway company Deutsche Bahn and investment bank Deutsche Bank.

"The transaction enables Vodafone Germany to participate more effectively in the continued rapid development of the German broadband market, which is growing at just under 30% per annum," Vodafone said in a statement.

Vodafone, the world's biggest mobile phone operator by sales, is now the sole owner of Arcor. It previously had a 74% share in the company, while Deutsche Bahn had an 18% stake and Deutsche Bank owned 8%. Vodafone declined to say how much it paid each company.

Arcor has 2.6 million digital subscriber lines in the German high-speed broadband market. In a March letter to Arcor staff seen by Dow Jones Newswires, Vodafone Germany Chief Executive Friedrich Joussen said the combined Vodafone-Arcor would target 20% market share in the German high-speed broadband market, up from a combined 14% now, but didn't specify over what period.

"It's an ambitious target...given strong competition and increasing saturation," said Sal.Oppenheim analyst Wolfgang Specht. The integration of mobile and broadband services is a blueprint for Vodafone's activities in other European markets, Specht said, but added it's hard to say if the acquisition price is justified because further details haven't been revealed.

Источник: Total Telecom

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