Telefónica Reaches 93.10% Stake in Telefónica Deutschland

TL;DR

**Telefónica now owns ~93.10% of Telefónica Deutschland after its acquisition offer.**

AI Summary

Telefónica, S.A. announced on January 22, 2024, that its voluntary public acquisition offer for shares of Telefónica Deutschland Holding AG has resulted in Telefónica reaching approximately 93.10% of Telefónica Deutschland's share capital. This follows their initial communication on December 5, 2023, regarding the commencement of the offer. This matters to investors because Telefónica is significantly increasing its ownership stake in its German subsidiary, potentially leading to greater control over operations and future strategic decisions, which could impact the subsidiary's stock performance and Telefónica's overall financial health.

Why It Matters

This increased ownership gives Telefónica greater control over Telefónica Deutschland, potentially streamlining operations and strategic alignment, which could lead to improved efficiency or new business directions.

Risk Assessment

Risk Level: low — The filing indicates a successful increase in ownership, which generally reduces uncertainty regarding the subsidiary's future.

Analyst Insight

An investor might view this as a positive step towards consolidation and potential synergies, suggesting a stronger, more unified Telefónica. It could be a good time to evaluate Telefónica's long-term strategy and its impact on its stock.

Key Numbers

• 93.10% — Telefónica's ownership in Telefónica Deutschland (Indicates a significant increase in control over the subsidiary.)

Key Players & Entities

• Telefónica, S.A. (company) — registrant and acquirer
• Telefónica Deutschland Holding AG (company) — target of the acquisition offer
• Telefónica Local Services GmbH (company) — entity through which Telefónica launched the offer
• 93.10% (dollar_amount) — approximate share capital reached by Telefónica in Telefónica Deutschland
• December 5, 2023 (date) — date of initial communication regarding the offer commencement
• January 22, 2024 (date) — date of this 6-K filing and period of report

Forward-Looking Statements

• Telefónica will seek to acquire the remaining shares of Telefónica Deutschland to achieve full ownership. (Telefónica, S.A.) — medium confidence, target: 2025-01-22
• Telefónica Deutschland's strategic decisions will be more closely aligned with Telefónica's overall corporate strategy. (Telefónica Deutschland Holding AG) — high confidence, target: 2024-07-22

FAQ

Filing Documents

• form6kresultso2d.htm (6-K) — 23KB
• image_0.jpg (GRAPHIC) — 4KB
• 0000814052-24-000009.txt ( ) — 29KB

From the Filing

Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January, 2024 Commission File Number 001-09531 Telefnica, S.A. (Translation of registrant's name into English) Distrito Telefnica, Ronda de la Comunicacin sn, 28050 Madrid, Spain +34 91-482 87 00 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F Form 20-F X Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) Yes No X Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) Yes No X Telefnica, S.A. TABLE OF CONTENTS Item Sequential Page Number 1. Telefnica Results of the public acquisition offer for shares of Telefnica Deutschland 2 The information contained herein is not for publication or distribution, in whole or in part, into, within or from any country where such publication or distribution would be in violation of the relevant legal provisions of such country. TELEFNICA, S.A. (hereinafter, Telefnica), in compliance with the Securities Market legislation, hereby communicates the following OTHER RELEVANT INFORMATION Further to the communication made on 5 December 2023 regarding the commencement of the acceptance period of the voluntary public acquisition offer in the form of a partial offer (the " Offer ") launched by Telefnica —through Telefnica Local Services GmbH— for shares of Telefnica Deutschland Holding AG (" Telefnica Deutschland "), we hereby inform you that Telefnica has reached approximately 93.10% of Telefnica Deutschland's share capital and voting rights, considering the number of shares for which the Offer has been accepted plus the number of Telefnica Deutschland shares held directly or indirectly by Telefnica at the close of the last trading day of the acceptance period (inclusive) which collectively amount to 2,769,413,111, for a total consideration of approximately EUR 1,483 million funded entirely with cash. As at the date the Offer was announced Telefnica held, directly or indirectly, 71.81% of the share capital and voting rights of Telefnica Deutschland, and therefore the Offer was announced for shares representing approximately the remaining 28.19%. Following the expiry of the acceptance period, the Offer has been accepted by shareholders holding 233,732,773 Telefnica Deutschland shares, representing approximately 7.86% of its share capital and voting rights. In addition, since the Offer was announced, Telefnica has acquired (other than pursuant to the Offer) 399,577,992 Telefnica Deutschland shares, representing approximately 13.43% of its share capital and voting rights (including 39,213,404 shares, representing approximately 1.32%, acquired as a result of the settlement of financial instruments). In accordance with the procedure set out in the relevant Offer document, the Offer is expected to be settled on 26 January 2024. In Madrid, on 22 January 2024 Important notice This announcement is for information purposes and neither represents an offer to purchase or sell nor a solicitation of an offer to purchase, sell or tender shares of Telefnica Deutschland. The complete terms and conditions of the Offer are set forth in the offer document approved by the German Federal Financial Supervisory Authority. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Telefnica, S.A. Date January 22, 2024 By s Pablo de Carvajal Gonzlez Name Pablo de Carvajal Gonzlez Title Secretary to the Board of Directors

View Full Filing

View this 6-K filing on SEC EDGAR