Orange has completed the acquisition of the remaining 5.25 per cent of Jazztel’s share capital not previously owned by the group, following its acquisition of the Spanish fixed operator for €3.4 billion in May.
“This transaction results from the exercise of the squeeze-out rights ensuing from Orange’s successful tender offer on Jazztel,” the company said, adding that the squeeze-out has been exercised at a price of €13 per share, the same price as the original offer.
Orange now owns 100 per cent of Jazztel, which will be delisted from the Spanish Stock Exchanges on 19 August.
Orange acquired Jazztel in May after scrutinisation from both the European Commission and the Spanish Securities Commission.
The deal brought together the third and fourth largest fixed operators in Spain.
Orange said that through the acquisition it wants to “create the second largest fixed-line broadband operator and one of the most dynamic players in the mobile segment in Spain, thereby accelerating the movement of its customers towards convergent offers”.
Jazztel’s network covers 720,000 homes across 13 urban areas in five of the largest Spanish cities: Madrid, Barcelona, Valencia, Sevilla and Malaga.
Commenting on a “very satisfactory performance in the first half of 2015”, CEO Stephane Richard recently said the move helped Orange strengthen its presence in Europe.