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BREAKING NEWS

Telefonica looks to buy KPN German business

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Telefonica looks to buy KPN German business

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Spain’s Telefonica has confirmed it is in talks to buy Dutch firm KPN’s business in Germany. KPN also said it was discussing selling, but did not name the potential buyer.

The two have repeatedly considered a tie-up over the last 10 years, but previous negotiations came to naught as they could not agree on the value of KPN’s German mobile phone company, which is called E-Plus. The deal is expected to value E-Plus at around five billion euros.

Both are roughly the same size in the German market and a merger would make them biggest there in terms of subscribers, overtaking Vodafone and T-Mobile.

However competition regulators might not approve as it would reduce the number of operators in Germany from four to three.