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Spanish regulator approves Jazztel acquisition

jazztelThe Spanish markets regulator, the CNMV, has given a green light to Orange’s proposed acquisition of Jazztel following EC clearance of the deal last week. 

The move means that Orange is now free to go ahead with its offering for publicly-listed Jazztel’s stock. The telco is offering €13 per share in cash, valuing the alternative operator at €3.4 billion. The offer is conditional on shareholders of Jazztel holding in aggregate at least 50% plus one share of the maximum theoretical share capital irrevocably accepting the offer. Orange has already secured irrevocable commitments to accept the offer from shareholders representing 14.804% of the issued share capital of Jazztel.

Orange aims, through the acquisition, to create the second largest fixed-line broadband operator in the market with a strong presence in mobile. According to Orange, the deal will generate global synergies of €1.3 billion thanks to savings in operational expenditure and investment in networks.