Gabriel Nuñez; Álvaro López Hernandez

Uría Menéndez advises on the €2b takeover bid for Telefónica Deutschland

Uría Menéndez has advised Telefónica on a 2 billion euros voluntary public acquisition offer in the form of a partial offer for shares representing approximately up to 28.19% of the share capital and voting rights of Telefónica Deutschland Holding AG, launched by a German subsidiary of Telefónica.

Image: Gabriel Nuñez (partner, capital markets) and Álvaro López Hernández (managing associate, capital markets).

Telefónica, through Telefónica Local Services, a wholly-owned subsidiary of Telefónica, has agreed today to make a voluntary partial tender offer to the shareholders of Telefónica Deutschland to acquire a maximum of 28.19% of the shares of Telefónica Deutschland that are not currently owned (directly or indirectly) by Telefónica.

The Offer price of €2.35 per Telefónica Deutschland share represents a premium of approximately 37.6% over the closing price of the shares on the Frankfurt Stock Exchange on November 6, 2023 and a premium of 36.3% over the volume weighted average share price over the previous 3 months.

Telefónica currently holds, directly or indirectly, approximately 71.81% of the shares of Telefónica Deutschland. In addition, Telefónica holds instruments entitling it to acquire approximately 1.32% of the shares of Telefónica Deutschland.

The Uría Menéndez team has been formed by Gabriel Nuñez (partner, capital markets); Álvaro López Hernández (managing associate, capital markets); Gorka Atutxa (associate, capital markets); Manuel Suero (associate, capital markets), Rocío Mackinlay (junior associate, capital markets) and Silene Morató (junior associate, capital markets).

Gorka Atutxa, Manuel Suero, Rocío Mackinlay and Silene Morató

Julia Gil