Hengeler Mueller advises United Internet on public takeover offer by Morgan Stanley Infrastructure Partners for Tele Columbus and acquisition of a stake in the bidding company after completion
21. December 2020
As an anchor shareholder in Tele Columbus AG, United Internet AG will provide sustained support for the implementation of Tele Columbus’s Fiber Champion strategy together with Morgan Stanley Infrastructure Partners. A bidding company, behind which is Morgan Stanley Infrastructure Partners, today announced a voluntary public takeover offer of EUR 3.25 per Tele Columbus share. If the takeover offer is successful, United Internet will contribute its stake in Tele Columbus of around 29.9 percent to the bidding company. In return, United Internet will receive a shareholding in the bidding company. In addition, the bidding company has committed to subscribe for new shares worth up to EUR 475 million in the event of a rights offering to be adopted by Tele Columbus. On conclusion of the takeover offer, United Internet will participate in the capital increase with an amount in the range of EUR 142 to EUR 190 million. The bidder has also agreed to provide further equity of up to EUR 75 million in the future for the implementation of the Fiber Champion strategy, following a successful completion of the transaction. United Internet will participate on a pro rata basis.
Hengeler Mueller advises United Internet on the transaction. The team is led by partners Daniela Favoccia and Lucina Berger (Corporate/M&A) and includes partners Wolfgang Groß (Corporate/ECM) and Johannes Tieves (Finance) as well as associates Jan Häller, Arvid Morawe (both Corporate/M&A, all Frankfurt), Mauritz Rogier (Corporate/M&A) and Carsten Bormann (Public Law, both Düsseldorf).