French telco Orange has announced that the Spanish Securities Commission (the “CNMV”) has authorised the voluntary cash tender offer for the acquisition of Jazztel, listed on the Spanish Stock Exchange.
The offer, which will be open from May 28th 2015 to June 24th 2015, covers 100 per cent of Jazztel’s shares. This offer will enable shareholders of Jazztel to receive €13 per share in cash. In the case of an acquisition of 100 per cent of Jazztel’s capital, Orange will pay €3.4 billion.
The offer is conditional on shareholders of Jazztel holding in aggregate at least 50 per cent 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 per cent of the issued share capital of Jazztel.
The offer was initially made conditional on Orange obtaining all competition clearances from the relevant authorities. This condition was satisfied on May 19th, when the European Commission confirmed the approval of the proposed acquisition, subject to certain remedies.