KPN swoops for Telfort in EUR1.12 billion deal

28 Jun 2005

The Netherlands’ largest telecoms operator Royal KPN says it has agreed a deal to acquire the country’s number three mobile operator Telfort for up to EUR1.12 billion, adding more than 2.4 million clients to its subscriber base. In a press statement today, the Hague-based incumbent said it had struck a deal with Telfort’s owners – Ramphastos Investment (an entity owned and controlled by Marcel Boekhoorn), which owns 52% of the cellco, and Greenfield Capital Partners which holds the remainder – to pay EUR980 million for Telfort and a further maximum EUR140 million subject to ‘specific performance indicators’. As part of the deal KPN will also acquire net operating losses of more than EUR900 million, representing a net present value of EUR180 million. According to the company’s CEO Ad Scheepbouwer, the acquisition will help the company to ‘faster achieve our stated goal to obtain a revenue share in the Dutch market of more than 40%’. Upon completion of the transaction KPN will have nearly 20 million wireless users.

Netherlands,KPN, Telfort,

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