KPN May Team With Vodafone or Liberty to Bid for Tele2 NL: UBS
2014-10-03 06:38:10.804 GMT
By Sam Chambers
Oct. 3 (Bloomberg) -- Having received EU5b following
completion of E-Plus sale, KPN may seek to acquire Tele2
Netherlands, UBS says.
* UBS: KPN would likely need to partner with another co. in
the bid as 25% of Tele2 NL serves enterprise customers,
meaning competitive issues could arise
* Vodafone and Liberty Global are both potential partners,
although Liberty may be restricted until its Ziggo
acquisition is cleared, expected early Nov.
* Tele2 NL may be worth ~EU1b and deal synergies could
reach EU150m-EU200m/yr
* Reiterates buy rating on KPN with PT of EU3 (24% upside)
* Reiterates buy rating on KPN with PT of EU3 (24% upside)</li></ul>
* Jan.: Berenberg said Tele2’s Dutch business is valuable to
Vodafone/KPN and breakup of co. is likely
* Nov. 2013: Tele2 said it was considering selling its Dutch
fixed-line business
* NOTE: Breakdown of Dutch mobile mkt here
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To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer
2014-10-03 06:38:10.804 GMT
By Sam Chambers
Oct. 3 (Bloomberg) -- Having received EU5b following
completion of E-Plus sale, KPN may seek to acquire Tele2
Netherlands, UBS says.
* UBS: KPN would likely need to partner with another co. in
the bid as 25% of Tele2 NL serves enterprise customers,
meaning competitive issues could arise
* Vodafone and Liberty Global are both potential partners,
although Liberty may be restricted until its Ziggo
acquisition is cleared, expected early Nov.
* Tele2 NL may be worth ~EU1b and deal synergies could
reach EU150m-EU200m/yr
* Reiterates buy rating on KPN with PT of EU3 (24% upside)
* Reiterates buy rating on KPN with PT of EU3 (24% upside)</li></ul>
* Jan.: Berenberg said Tele2’s Dutch business is valuable to
Vodafone/KPN and breakup of co. is likely
* Nov. 2013: Tele2 said it was considering selling its Dutch
fixed-line business
* NOTE: Breakdown of Dutch mobile mkt here
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer