Duluth, MN, USA / Kat Country 98.9 | KTCO
Dec 21, 2020 2:17 AM
BERLIN (Reuters) - A fund backed by Morgan Stanley Infrastructure Partners has made a cash offer to buy Germany s Tele Columbus AG in an agreed deal that values the fibre network operator at over 400 million euros ($487.84 million), Tele Columbus said.
The offer of 3.25 euros per share represents a 13% premium to Tele Columbus closing share price on Friday.
Top shareholder United Internet AG on Monday said it will offer its 29% stake in exchange for a stake in the Morgan Stanley-backed investment vehicle.
Tele Columbus said the deal is likely to help finance a 2 billion euro expansion of its fibre optic telecommunications network. It said the deal is also likely to benefit United Internet group companies including 1&1 Drillisch AG, which over the weekend signed a deal to use Tele Columbus network to market its own broadband products.