Vodafone - Kabel Deutschland Merger

Detalhes bibliográficos
Autor(a) principal: Beck, Christoph
Data de Publicação: 2014
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/11698
Resumo: A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
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spelling Vodafone - Kabel Deutschland MergerGerman telecommunications industryQuad-Play trendSynergy credibility and premium paidA Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsThis work project aims to analyse the acquisition of German cable operator Kabel Deutschland by the British telecommunications company Vodafone in September 2013. Analysis of the technologies and German telecommunications sector reveals the sources that motivate a transaction. The acquirer needs to find a way to react to the increasing demand for data on internet connections. Also, Vodafone has a weak infrastructure of fixed line and thus is missing a strong network to be able to offer the full Quad-Play services (TV/Fixed-Phone/Internet/Mobile). The acquisition target is a company with a strong cable network in place that is a good alternative to provide modern internet connections. Both companies seem to be highly complementary and would benefit from a merger by getting an improved competitive position and readiness for the Quad-Play trend. The offer price per share is with €87 per share 24% above the standalone DCF valuation and represents an attractive premium for target shareholders. Discounting the claimed Synergies by acquirer Vodafone result in an NPV of €4.5 billion. This means that Vodafone is paying away 33% of the Synergies to the target. However, Vodafone shareholders can still expect to gain from the investment as cost synergies seem credible and sufficient to cover the premium.NSBE - UNLPinho, PauloRUNBeck, Christoph2014-03-19T09:13:48Z2014-012014-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/11698TID:201529246enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-10T15:30:49ZPortal AgregadorONG
dc.title.none.fl_str_mv Vodafone - Kabel Deutschland Merger
title Vodafone - Kabel Deutschland Merger
spellingShingle Vodafone - Kabel Deutschland Merger
Beck, Christoph
German telecommunications industry
Quad-Play trend
Synergy credibility and premium paid
title_short Vodafone - Kabel Deutschland Merger
title_full Vodafone - Kabel Deutschland Merger
title_fullStr Vodafone - Kabel Deutschland Merger
title_full_unstemmed Vodafone - Kabel Deutschland Merger
title_sort Vodafone - Kabel Deutschland Merger
author Beck, Christoph
author_facet Beck, Christoph
author_role author
dc.contributor.none.fl_str_mv Pinho, Paulo
RUN
dc.contributor.author.fl_str_mv Beck, Christoph
dc.subject.por.fl_str_mv German telecommunications industry
Quad-Play trend
Synergy credibility and premium paid
topic German telecommunications industry
Quad-Play trend
Synergy credibility and premium paid
description A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
publishDate 2014
dc.date.none.fl_str_mv 2014-03-19T09:13:48Z
2014-01
2014-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/11698
TID:201529246
url http://hdl.handle.net/10362/11698
identifier_str_mv TID:201529246
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv NSBE - UNL
publisher.none.fl_str_mv NSBE - UNL
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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repository.mail.fl_str_mv
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