Jazztel has informed the National Securities Market Commission (CNMV) late Monday the agreement of its main shareholder, Leopoldo Fernández Pujals , and the French company Orange SA with respect to a tender offer for shares of Jazztel.
The transaction was closed in of 3.334 million euros . Pujals Fernandez, owner of 14.7% of the company, you get 490 million . In 2004 had acquired 25% of the ‘telecom’ 60 million.
The agreement had also become CEO Jazztel, José Miguel García Fernández , which has the 0.21%, and the Minister Secretary General, José Ortiz Martínez with an 0.041%.
The funds managed by Alken Luxembourg , which are among the largest shareholders of Jazztel with 5% of the company, have not said to the times.
According to market sources, the valuation of Jazztel was 3,000 million euros. The suspension of trading operator was when its price was just over $ 12 and investors expect an offer that could rise to 14 euros. Finally Orange pay 13 euros per share and cash .
This agreement is subject to regulatory approvals and acceptance of 50.01% of the share capital of Jazztel. The deal involves Orange 7.97% premium compared to the price Jazztel in time when the CNVM suspended its trading Monday and 21.49% compared with Quote which closed last Friday.
To validate the purchase can not be approved by the governing bodies of the acquisition Jazztel by Xfera Phones (Telstra) that was submitted to the CNMV September 11, reports Europa Press.
The president of the board of Jazztel is committed to accepting “irrevocably” supply Orange although other offers from competing companies are formulated, where French company decides to improve these new offerings.
Orange, a subsidiary of France Telecom, was practically the only option I had Jazztel as a buyer. But on the other hand, the French group has also great alternatives to grow by absorbing rivals and reduce the distance that separates him from Vodafone and Telefonica .
After the takeover by Vodafone ONO last April and it was impossible to grow Telefonica based market purchases of fixed and mobile telephony, this equation is what has allowed investors to hold on to Jazztel, ignoring the apparent disinterest of Orange. So far this year, shares have risen Jazztel 30% and the appreciation in the last 12 months reached 53.6%.
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