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Europe

Freenet Nabs Debitel

9:00 AM -- Freenet AG has struck a deal to buy fellow German mobile service provider debitel AG (DE: DBLG) from private equity firm Permira in a deal valued at €1.63 billion (US$2.55 billion).

The acquisition, which will be made with a mix of cash, stock, and debt, had been expected as part of the German market's ongoing consolidation process. (See Germany's Mobile M&A.)

Once merged, the company will be Germany's third largest mobile operator, behind T-Mobile International AG and Vodafone Germany , with nearly 19 million wireless customers and annual revenues of around €5.2 billion ($8.1 billion).

— Ray Le Maistre, International News Editor, Light Reading

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