Incumbent Swisscom has released the definitive result of its SFr475m (US$519.39m) takeover bid for PubliGroupe, saying it now owns 98.37% of shares in the local marketing and media company.
The Swiss telco announced the provisional result on Tuesday,…
Incumbent Swisscom has released the definitive result of its SFr475m (US$519.39m) takeover bid for PubliGroupe, saying it now owns 98.37% of shares in the local marketing and media company.
The Swiss telco announced the provisional result on Tuesday, saying then that 97.08% of all PubliGroupe shares involved in the bid were tendered by the 25 August deadline.
Switzerland’s Competition Commission has now cleared the takeover, which is set to close on 5 September, Swisscom said, noting that all conditions have been met.
The telco will ask for the 1.63% of PubliGroupe shares not tendered to be cancelled so it owns the entire share capital. Remaining minority shareholders will receive SFr214 (US$234) per share in compensation, the same amount those who participated in the tender received.
Swisscom CEO Urs Scheppi said the company is “delighted” the takeover could be completed so quickly,
“We are now another step closer to reaching our goal, which is to further develop [PubliGroupe’s online directories business] local.ch.”
The telco has agreed to incorporate PubliGroupe’s online directories and search businesses in a joint venture with local media firm Tamedia. Swisscom will own 69% of the JV and consolidate it, while Tamedia will hold the remaining 31%. The partnership between Swisscom and Tamedia is still subject to the approval of the Competition Commission.
Swisscom said today that Edi Bahler will remain as CEO of the Local Group – which includes Swisscom Directories, LTV Yellow Pages and local.ch – once the takeover has been completed.
The telco commented that the deal “will result in the most comprehensive Swiss directory and information platform for companies, private individuals and public bodies”.
Swisscom intends to sell PubliGroupe’s minority holdings in several media companies by the end of the year.
