一、TTK&Tele2俄罗斯分公司协同推出虚商业务
据Comnews.ru网报道，俄罗斯固网运营商TTK与移动运营商Tele2公司俄罗斯分公司已达成共识并联合推出虚商业务。俄罗斯固网运营商TTK计划向Tele2公司俄罗斯分公司支付8964万3千卢布，用于访问Tele2公司俄罗斯分公司的移动网络。两家运营商将在收入共享的原则下共同运营，其中Tele2公司俄罗斯分公司获得40%的收入，但不包括从互相交结利率和交通运输中获得的收入。
TTK公司将入驻Tele2公司俄罗斯分公司目前所在的所有办公区域。目前，该虚商在65个区域都有提供其虚商业务。
俄罗斯固网运营商TTK运营76000千米光纤网络。该网络由TTK公司股东之一的俄罗斯铁路公司所拥有。
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联合Mediaset共同达成Infinity VoD交易
意大利虚商Noitel已宣布与广播电视公司Mediaset达成交易，该交易可给其宽带订阅用户提供Mediaset公司的Infinity TV视频点播目录。订阅Noitel公司提供的光纤或卫星宽带业务的用户即刻起可免费收看6个月的Infinity VoD电视节目。期间，该用户可使用不同设备任意观看数以千计部电影，电视剧和其他电视节目。
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收购Drillisch 欲将整合Drillisch和1&1公司
德国虚商Drillisch和总部位于德国的互联网服务提供商United Internet公布了一项计划，意图加入United Internet公司的固话&移动服务活动。Drillisch公司将收购United Internet公司的子公司1&1 Telecommunication公司，并试图将1&1 Telecommunication公司打造为德国第四大全电信服务提供商。此次收购涉及1和1 Versatel公司的零售业务，该业务在5月2日已融入1&1 Telecommunication公司业务，但不涉及1&1 Versatel公司的B2B模式（企业对企业的电子商务模式）和批发业务。然而，1 & 1 Versatel公司将在其光纤网络的基础上继续提供综合业务的服务。在本次交易中，1&1 Telecommunication公司收购总价为58亿5000万欧元。
Drillisch公司将分两步逐级收购1&1 Telecommunication公司。第一步，United Internet公司计划将1&1 Telecommunication公司7.75%的股份转入Drillisch公司并通过捐赠的方式出资授权资本（排出认股权）来增加Drillisch公司资本。作为回报，United Internet公司将获得9062169股新Drillisch公司股份（Capital Increase I）。因此，令United Internet公司感兴趣的是Drillisch公司将从目前的约20.08%股份正好升至30%多。第二步，1&1 Telecommunication公司持有的约92.25%的剩余股份将转换为107,937,831股新Drillisch公司股份。为此，United Internet公司将排出认股权并以资本授权方式进一步积累资本（Capital Increase II）。本次增资之举需要在今年7月25日举行的Drillisch公司股东特别大会上批准，并需要以75%代表资本多数通过。
United Internet公司作为短期投资“替补队员”，将向与已发行的全部Drillisch公司股票收购相关联的所有Drillisch公司股东提交自愿公开招标。United Internet公司在5月12日通过了这一决议。这给Drillisch各个股东一个选择：他们可以继续持有自己的股票，并从交易产生的增值和协同效应获取潜在利益，或者他们可以以每股50欧元的价格抛售无面值不记名股票（2017年5月11日的报告日上的价格为46.20欧元，这比Drillisch公司股份在过去3个月间的交易量加权股价高出8.2个点）。
United Internet公司将根据报价合同中规定的条款实现现金报价，特别是合并控制批准。这将不会再有最低接受门槛。一旦德国联邦金融监管局批准了报价合同，对投标报价的接受期预计将于2017年5月底开始，并有望在2017年6月底结束。United Internet公司将使用银行贷款向Drillisch公司股份融资，这将成为United Internet公司投标报价的一部分。整次交易因并购控制审批限制，预计将于2017年底完成。
此次业务合并协议特别明确规定投标报价的流程和条件，资本增加条例I和II以及Drillisch公司公司治理，并受制于投标报价和这两家公司的资本增加的结果。相关人士普遍认为Drillisch公司执行董事会发言人Vlasios Choulidis于整体交易结束后将被踢出运营管理层，转而移至Drillisch公司监事会。合并成立的新公司将由原Drillisch公司财务部长André Driesen，原1&1 Telecommunications公司总监Martin Witt及原United Internet公司首席执行官Ralph Dommermuth领导，并由Ralph Dommermuth担任新公司的首席执行官。此次投标报价的完成需要德国当局Bundeskartellamt批准。
参照2016年业务数据，1&1 Telecommunication公司（包括1&1 Versatel公司的零售业务）和Drillisch公司共同拥有超过1200万客户合同，并且共计销售额超过32亿欧元。今年的第一季度（1&1 Versatel公司零售业务还未合并至1&1 Telecommunication公司）相较于2016年，1&1 Telecommunication公司营业额增至6.2个点，即 6亿1940万欧元。该公司的税息折旧及摊销前利润则比去年同期增至12.9个点，即1亿900万欧元。因此，该公司有望达到财政年度的税息折旧及摊销前利润目标，即为约4.7亿欧元。
1&1 Telecommunication公司和Drillisch公司的整合为United Internet公司和Drillisch公司股东提供了广泛的协同效果和收入增长的机会。这些共同确定的协同效应预计从2018年上升至合并业务的水平。新公司的年度销量预计最早将在2020年将达到1亿5000万，至2025年可达到每年2亿5000万欧元。这些销量能在整体交易的成功实施的假设前提下实现。协同效应将导致两公司联合采购硬件和服务，更有效地利用Drillisch公司的可用网络能力，及拓展1&1公司的产品组合至未来技术，并能有效利用Drillisch商店中的更大产品组合。为了实现这些协同效应，该公司计划将一次性利用完成本约为5000万欧元的合并业务。Drillisch和United Internet公司的所有股东都将从协同效应和联营产生的潜在增值及红利中长期获利。
鉴于成功利用资本增加，并由于United Internet公司手握约72.7%股份并且把这些股份转换为招标报价，United Internet公司将成为Drillisch公司的新大股东。因此，United Internet公司将全面巩固Drillisch公司和1&1 Telecommunication公司合并后的业务，其中包括1&1 Telecommunication公司的年度和季度财务报表。Drillisch公司意在保留其独立上市公司的身份，并继续维持独立的红利政策。J.P.Morgan和 Hengeler Mueller建议United Internet公司应继续完成合并交易。美国银行（Bank of America），美林证券公司（Merrill Lynch）和Sullivan & Cromwell律师事务所一同担任Drillisch公司顾问。
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.
责任编辑：吴一波
