Telefonica Deutschland Announces Voluntary Offer By Telefonica Local Services

(RTTNews) - Telefonica Local Services has decided to make a voluntary public acquisition offer in the form of a partial offer to the shareholders of Telefonica Deutschland Holding AG, to acquire up to 838,452,647 non-par value registered shares in Telefonica Deutschland not already directly held by Telefonica Local Services, corresponding to approximately 28.19% of the share capital and the voting rights of Telefonica Deutschland. The offer provides for payment of a cash consideration of 2.35 euros per Telefonica Deutschland share. The offer will not be subject to a minimum acceptance threshold.

Telefonica Local Services is a wholly-owned subsidiary of Telefonica, S.A., with registered office in Madrid, Spain. Telefonica, S.A. currently indirectly holds approximately 69.22% of Telefonica Deutschland's share capital and voting rights, and directly holds approximately 2.59% of Telefonica Deutschland's share capital and voting rights.