THE HAGUE -- Today, KPN announces that it has reached an agreement with joint-venture partner Reggeborgh to acquire the remaining 40% stake in Reggefiber and obtain 100% ownership. The acquisition price of the 40% stake in Reggefiber has been agreed at EUR 610 million. This transaction is in line with KPN’s strategy to use the majority of the cash proceeds of the sale of E-Plus to increase its financial flexibility and support the execution of its strategy in The Netherlands and Belgium.
Furthermore, KPN will redeem approximately EUR 500 million of external debt at Reggefiber in the fourth quarter of 2014.
KPN Telecom NV (NYSE: KPN)