Telefonica Expand Their Interests in Germany

Telefónica has today stated intent buy the German telecommunications firm, Hansenet, from Telecom Italia.

The Hansenets assets are reported to total 900 million euros according to the Comisión Nacional del Mercado de Valores (CNMV) - the agency in charge of overseeing and regulating trading on the Spanish Stock Markets.

A spokesperson from Telefónica today stated that the proposed deal is still subject to them receiving all the appropriate authorisations, but that the contract is expected to be completed during the early part of 2010.

The acquisition will make Telefónica 02 Germany the third largest telecommunications provider in the German market with a turnover of 5 billion euros per annum and 15 million mobile 'phone clients and 2.4 million broadband customers.

The Germany company's debt was quoted at 610 million euros on September 30th, compared with 526 million euros at the end of 2008 - In the first nine months of this year alone, Hansenet was reported to have lost 19 million euros, a rise from 9 Million Euros in 2008.