Orange completes successful tender offer for Jazztel

Orange has completed its tender offer for Spanish telco Jazztel, with shareholders representing 94.75% of the company’s capital accepting its offer of €13 a share.

The success of the tender means that Orange will pay €3.179 billion for Jazztel, with settlement expected to take place on Wednesday.

Orange has decided to exercise its rights to a squeeze-out of remaining shareholders, which is expected to be completed around August 136 for an additional €176 million.

Jazztel’s shares will be automatically delisted at the end of the squeeze-out period.

Orange said it was “very satisfied” with the result and that the acquisitions would enable the group to benefit from synergies.