Dutch operator group KPN said it had ended the sale process for its Belgian mobile business, stating that “current difficult financial market conditions are reflected in unsatisfactory non-binding offers” for the unit.
In June KPN said that it would sell the operator, Base, but that it would “only be sold for the right price”. It has similarly decided not to sell its German mobile unit, E-Plus, after exploring this option.
In a statement, KPN said: “The non-binding offers did not take the strong position and outlook of BASE into account. BASE has a successful Challenger strategy with strong revenue growth, attractive margins and excellent momentum for continued upside.”
According to reports last week, the Dutch company had received several bids for the unit, valuing it in the EUR1.4 billion to EUR1.7 billion range.
The news will be well received by America Movil, which recently took a 28 percent stake in KPN, and which is believed to feel that Base is an asset worth keeping.