據(jù)Comnews.ru網(wǎng)報(bào)道，俄羅斯固網(wǎng)運(yùn)營商TTK與移動(dòng)運(yùn)營商Tele2公司俄羅斯分公司已達(dá)成共識(shí)并聯(lián)合推出虛商業(yè)務(wù)。俄羅斯固網(wǎng)運(yùn)營商TTK計(jì)劃向Tele2公司俄羅斯分公司支付8964萬3千盧布，用于訪問Tele2公司俄羅斯分公司的移動(dòng)網(wǎng)絡(luò)。兩家運(yùn)營商將在收入共享的原則下共同運(yùn)營，其中Tele2公司俄羅斯分公司獲得40%的收入，但不包括從互相交結(jié)利率和交通運(yùn)輸中獲得的收入。
TTK公司將入駐Tele2公司俄羅斯分公司目前所在的所有辦公區(qū)域。目前，該虛商在65個(gè)區(qū)域都有提供其虛商業(yè)務(wù)。
俄羅斯固網(wǎng)運(yùn)營商TTK運(yùn)營76000千米光纖網(wǎng)絡(luò)。該網(wǎng)絡(luò)由TTK公司股東之一的俄羅斯鐵路公司所擁有。
TTK, Tele2 Russia agree on MVNO launch
Russian fixed operator TTK has agreed with the mobile operator Tele2 Russia on the launch of a MVNO, reports Comnews.ru.TTK plans to pay RUB 89.643 million to Tele2 Russia for access to its mobile network. The operators will cooperate under the revenue-sharing principle, with Tele2 Russia receiving 40 percent of revenue, excluding income from inter-connect rates and traffic transit.
The MVNO will work in all regions where Tele2 Russia is present. The mobile operator currently provides its services in 65 regions.
TTK manages a 76,000-km fibre network owned by Russian Railways, the main shareholder of the operator.
二、Noitel聯(lián)合Mediaset共同達(dá)成Infinity VoD交易
意大利虛商N(yùn)oitel已宣布與廣播電視公司Mediaset達(dá)成交易，該交易可給其寬帶訂閱用戶提供Mediaset公司的Infinity TV視頻點(diǎn)播目錄。訂閱Noitel公司提供的光纖或衛(wèi)星寬帶業(yè)務(wù)的用戶即刻起可免費(fèi)收看6個(gè)月的Infinity VoD電視節(jié)目。期間，該用戶可使用不同設(shè)備任意觀看數(shù)以千計(jì)部電影，電視劇和其他電視節(jié)目。
Noitel, Mediaset reach Infinity VoD deal
Italian MVNO Noitel has announced a deal with broadcaster Mediaset to offer the latter's Infinity TV video on demand catalogue to its broadband subscribers. Noitel customers who sign up to a fibre or satellite broadband service will now be offered 6 months of free access to the Infinity VoD catalogue, allowing them to stream thousands of movies, series and TV programmes across multiple devices.
三、United Internet收購Drillisch 欲將整合Drillisch和1&1公司
德國虛商Drillisch和總部位于德國的互聯(lián)網(wǎng)服務(wù)提供商United Internet公布了一項(xiàng)計(jì)劃，意圖加入U(xiǎn)nited Internet公司的固話&移動(dòng)服務(wù)活動(dòng)。Drillisch公司將收購United Internet公司的子公司1&1 Telecommunication公司，并試圖將1&1 Telecommunication公司打造為德國第四大全電信服務(wù)提供商。此次收購涉及1和1 Versatel公司的零售業(yè)務(wù)，該業(yè)務(wù)在5月2日已融入1&1 Telecommunication公司業(yè)務(wù)，但不涉及1&1 Versatel公司的B2B模式（企業(yè)對(duì)企業(yè)的電子商務(wù)模式）和批發(fā)業(yè)務(wù)。然而，1 & 1 Versatel公司將在其光纖網(wǎng)絡(luò)的基礎(chǔ)上繼續(xù)提供綜合業(yè)務(wù)的服務(wù)。在本次交易中，1&1 Telecommunication公司收購總價(jià)為58億5000萬歐元。
Drillisch公司將分兩步逐級(jí)收購1&1 Telecommunication公司。第一步，United Internet公司計(jì)劃將1&1 Telecommunication公司7.75%的股份轉(zhuǎn)入Drillisch公司并通過捐贈(zèng)的方式出資授權(quán)資本（排出認(rèn)股權(quán)）來增加Drillisch公司資本。作為回報(bào)，United Internet公司將獲得9062169股新Drillisch公司股份（Capital Increase I）。因此，令United Internet公司感興趣的是Drillisch公司將從目前的約20.08%股份正好升至30%多。第二步，1&1 Telecommunication公司持有的約92.25%的剩余股份將轉(zhuǎn)換為107,937,831股新Drillisch公司股份。為此，United Internet公司將排出認(rèn)股權(quán)并以資本授權(quán)方式進(jìn)一步積累資本（Capital Increase II）。本次增資之舉需要在今年7月25日舉行的Drillisch公司股東特別大會(huì)上批準(zhǔn)，并需要以75%代表資本多數(shù)通過。
United Internet公司作為短期投資“替補(bǔ)隊(duì)員”，將向與已發(fā)行的全部Drillisch公司股票收購相關(guān)聯(lián)的所有Drillisch公司股東提交自愿公開招標(biāo)。United Internet公司在5月12日通過了這一決議。這給Drillisch各個(gè)股東一個(gè)選擇：他們可以繼續(xù)持有自己的股票，并從交易產(chǎn)生的增值和協(xié)同效應(yīng)獲取潛在利益，或者他們可以以每股50歐元的價(jià)格拋售無面值不記名股票（2017年5月11日的報(bào)告日上的價(jià)格為46.20歐元，這比Drillisch公司股份在過去3個(gè)月間的交易量加權(quán)股價(jià)高出8.2個(gè)點(diǎn)）。
United Internet公司將根據(jù)報(bào)價(jià)合同中規(guī)定的條款實(shí)現(xiàn)現(xiàn)金報(bào)價(jià)，特別是合并控制批準(zhǔn)。這將不會(huì)再有最低接受門檻。一旦德國聯(lián)邦金融監(jiān)管局批準(zhǔn)了報(bào)價(jià)合同，對(duì)投標(biāo)報(bào)價(jià)的接受期預(yù)計(jì)將于2017年5月底開始，并有望在2017年6月底結(jié)束。United Internet公司將使用銀行貸款向Drillisch公司股份融資，這將成為United Internet公司投標(biāo)報(bào)價(jià)的一部分。整次交易因并購控制審批限制，預(yù)計(jì)將于2017年底完成。
此次業(yè)務(wù)合并協(xié)議特別明確規(guī)定投標(biāo)報(bào)價(jià)的流程和條件，資本增加條例I和II以及Drillisch公司公司治理，并受制于投標(biāo)報(bào)價(jià)和這兩家公司的資本增加的結(jié)果。相關(guān)人士普遍認(rèn)為Drillisch公司執(zhí)行董事會(huì)發(fā)言人Vlasios Choulidis于整體交易結(jié)束后將被踢出運(yùn)營管理層，轉(zhuǎn)而移至Drillisch公司監(jiān)事會(huì)。合并成立的新公司將由原Drillisch公司財(cái)務(wù)部長André Driesen，原1&1 Telecommunications公司總監(jiān)Martin Witt及原United Internet公司首席執(zhí)行官Ralph Dommermuth領(lǐng)導(dǎo)，并由Ralph Dommermuth擔(dān)任新公司的首席執(zhí)行官。此次投標(biāo)報(bào)價(jià)的完成需要德國當(dāng)局Bundeskartellamt批準(zhǔn)。
參照2016年業(yè)務(wù)數(shù)據(jù)，1&1 Telecommunication公司（包括1&1 Versatel公司的零售業(yè)務(wù)）和Drillisch公司共同擁有超過1200萬客戶合同，并且共計(jì)銷售額超過32億歐元。今年的第一季度（1&1 Versatel公司零售業(yè)務(wù)還未合并至1&1 Telecommunication公司）相較于2016年，1&1 Telecommunication公司營業(yè)額增至6.2個(gè)點(diǎn)，即 6億1940萬歐元。該公司的稅息折舊及攤銷前利潤則比去年同期增至12.9個(gè)點(diǎn)，即1億900萬歐元。因此，該公司有望達(dá)到財(cái)政年度的稅息折舊及攤銷前利潤目標(biāo)，即為約4.7億歐元。
1&1 Telecommunication公司和Drillisch公司的整合為United Internet公司和Drillisch公司股東提供了廣泛的協(xié)同效果和收入增長的機(jī)會(huì)。這些共同確定的協(xié)同效應(yīng)預(yù)計(jì)從2018年上升至合并業(yè)務(wù)的水平。新公司的年度銷量預(yù)計(jì)最早將在2020年將達(dá)到1億5000萬，至2025年可達(dá)到每年2億5000萬歐元。這些銷量能在整體交易的成功實(shí)施的假設(shè)前提下實(shí)現(xiàn)。協(xié)同效應(yīng)將導(dǎo)致兩公司聯(lián)合采購硬件和服務(wù)，更有效地利用Drillisch公司的可用網(wǎng)絡(luò)能力，及拓展1&1公司的產(chǎn)品組合至未來技術(shù)，并能有效利用Drillisch商店中的更大產(chǎn)品組合。為了實(shí)現(xiàn)這些協(xié)同效應(yīng)，該公司計(jì)劃將一次性利用完成本約為5000萬歐元的合并業(yè)務(wù)。Drillisch和United Internet公司的所有股東都將從協(xié)同效應(yīng)和聯(lián)營產(chǎn)生的潛在增值及紅利中長期獲利。
鑒于成功利用資本增加，并由于United Internet公司手握約72.7%股份并且把這些股份轉(zhuǎn)換為招標(biāo)報(bào)價(jià)，United Internet公司將成為Drillisch公司的新大股東。因此，United Internet公司將全面鞏固Drillisch公司和1&1 Telecommunication公司合并后的業(yè)務(wù)，其中包括1&1 Telecommunication公司的年度和季度財(cái)務(wù)報(bào)表。Drillisch公司意在保留其獨(dú)立上市公司的身份，并繼續(xù)維持獨(dú)立的紅利政策。J.P.Morgan和 Hengeler Mueller建議United Internet公司應(yīng)繼續(xù)完成合并交易。美國銀行（Bank of America），美林證券公司（Merrill Lynch）和Sullivan & Cromwell律師事務(wù)所一同擔(dān)任Drillisch公司顧問。
United Internet buys Drillisch to combine with 1&1
German MVNO Drillisch and Germany-based internet services provider United Internet unveiled a plan to merge United Internet’s fixed and mobile service providing activities with Drillisch. Effectively, United Internet subsidiary 1&1 Telecommunication will be acquired by Drillisch, creating a fourth full telecom service provider in the Germany. The acquisition includes the retail business of 1&1 Versatel, which was incorporated in 1&1 Telecommunication on 2 May and excludes the B2B and wholesale activities of 1&1 Versatel. However, 1&1 Versatel will continue to provide services for the combined business on the basis of its fiber-optic network. In this transaction, 1&1 Telecommunication SE is valued at EUR 5.85 billion.
The combination of 1&1 Telecommunication and Drillisch is to be implemented in two steps. In the first step, it is intended that United Internet transfers around 7.75 percent of its shares in 1&1 Telecommunication to Drillisch in a capital increase by way of contribution-in-kind from authorized capital under the exclusion of subscription rights. In return, United Internet will receive 9,062,169 new Drillisch shares (Capital Increase I). Thus, United Internet's interest in Drillisch will increase from currently approximately 20.08 percent to just over 30 percent. In the second step, the remaining interest of around 92.25 percent held in 1&1 Telecommunication will be transferred in exchange for a total of 107,937,831 new Drillisch shares. For this purpose, a further capital increase by way of contribution-in-kind under the exclusion of subscription rights is planned (Capital Increase II). This capital increase requires the approval by an extraordinary General Meeting of Drillisch, which is to take place on 25 July of this year and approval requires a majority of 75 percent of the represented capital.
As an alternative for short-term investors, United Internet will submit a voluntary public tender offer to all Drillisch shareholders that relates to the acquisition of all outstanding Drillisch shares. United Internet passed a resolution to this effect on 12 May. This will present Drillisch shareholders with a choice: They can continue to hold their Drillisch shares and benefit from the potential for growth and synergies created by the transaction, or they can tender their no-par value bearer shares at the price of EUR 50 per share, which is 8.2 percent more than the volume-weighted average share price of Drillisch shares over the past three months as on the reporting day 11 May 2017 (EUR 46.20).
The cash offer will be made in accordance with the terms specified in the offer document, subject in particular to merger control approval. There will be no minimum acceptance threshold. The acceptance period for the tender offer is expected to begin at the end of May 2017 following approval of the offer document by the German Federal Financial Supervisory Authority (BaFin) and is expected to end at the end of June 2017. United Internet will use bank loans to finance the Drillisch shares tendered as part of the tender offer. Subject to merger control approval, the entire transaction is expected to be completed at the end of 2017.
The business combination agreement defines in particular the procedure and the conditions of the tender offer, the Capital Increases I and II as well as the corporate governance of Drillisch subject to the outcome of the tender offer and both capital increases. It is agreed that Vlasios Choulidis, Executive-Board Spokesman of Drillisch, will step down from operational management and move on to the Drillisch Supervisory Board following the conclusion of the overall transaction. The combined company is to be led by André Driesen, Director of Finances at Drillisch, as well as 1&1 Telecommunications director Martin Witt and United Internet CEO Ralph Dommermuth as CEO. The completion of the tender offer is subject to merger control approval by the German authorities (Bundeskartellamt).
1&1 Telecommunication (including 1&1 Versatel's retail business) and Drillisch together have more than 12 million customer contracts according to the 2016 business figures, and had combined sales of over EUR 3.2 billion. During the first quarter (thus without the 1&1 Versatel retail business), 1&1 Telecommunication SE increased its sales by 6.2 percent to EUR 619.4 million compared with the first quarter of 2016. The company's EBITDA rose by 12.9 percent to EUR 109.0 million compared to the previous year. Thus, the company is on track to reach its EBITDA target for the fiscal year of around EUR470 million.
The integration of 1&1 Telecommunication into Drillisch offers extensive synergies and growth opportunities for both United Internet and the Drillisch shareholders. These jointly-identified synergies are expected to arise at the level of their combined business starting in 2018. An annual volume of EUR 150 million is anticipated as early as 2020, rising to EUR 250 million annually by 2025. These figures assume the successful implementation of the overall transaction. Synergies will result in particular through joint purchasing of hardware and services, more efficient use of Drillisch's available network capacity, the expansion of the 1&1 product portfolio to include future technologies, and the availability of a larger product portfolio in Drillisch's stores. To achieve these synergies, the companies expect one-off implementation costs of around EUR 50 million at the combined business level. All shareholders of both Drillisch and United Internet will benefit over the long term from these synergies and pooled potential through value increases and dividends.
Following the successful implementation of both capital increases, United Internet will be Drillisch's new majority shareholder with a share of around 72.7 percent plus those shares tendered into the tender offer. United Internet would thus fully consolidate the merged business of Drillisch and 1&1 Telecommunication in its annual and quarterly financial statements. Drillisch is to remain an independent listed company and will continue to maintain an independent dividend policy. J.P.Morgan and Hengeler Mueller advised United Internet on the transaction. Bank of America Merrill Lynch and Sullivan & Cromwell acted as advisors to Drillisch.
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