Vodafone has secured 76.48% of shares in Kabel Deutschland for its €7.7 billion offer for Germany's largest cable company, the telecom operator said today.
Vodafone had already said on Thursday it had reached the 75% minimum acceptance required.
The British company, which this month agreed the sale of its stake in US operator Verizon Wireless for $130 billion, wants to buy Kabel Deutschland to offer more television and fixed-line services in Germany, its largest European mobile market.
The deal still needs regulatory clearance from the European Commission, with the completion of a first review expected by September 20.
Vodafone said that Kabel Deutschland shareholders who have not yet tendered their shares can do so in the next two weeks. The offer period will end on September 30,
After completion of the deal, Vodafone said it intends to enter a so-called control or domination agreement with Kabel Deutschland. This would enable Vodafone to determine Kabel Deutschland's strategy and access its cash flows. This is possible under German law once an buyer holds 75% of a company.
This will likely be used by some hedge funds, who have built up stakes in Kabel Deutschland in the few past weeks, to try to press more money out of Vodafone, sources familiar with the matter told Reuters last week.
