Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
THE HAGUE, Netherlands (AP) — The Dutch arm of T-Mobile says it is taking over telecom and internet provider Tele2's operations in the Netherlands, in a move T-Mobile says is aimed at competing with local heavyweights KPN and VodafoneZiggo.
T-Mobile will pay 190 million euros ($224 million) and give Tele2 a 25-percent stake in the new combined company. T-Mobile parent company Deutsche Telekom will own 75 percent. The deal announced Friday is subject to approval by competition authorities.
Deutsche Telekom says the combined company will have revenues of more than 2 billion euros and about 4.3 million mobile subscribers.
Soren Abildgaard, CEO of the Dutch T-Mobile, says the new company "will be able to compete against the duopoly much more efficiently and give all Dutch customers a fair choice."
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
