The Spanish Securities Commission (CNMV) has authorised the voluntary cash tender offer for the acquisition of Jazztel.

The offer, which will be open from May 28, 2015 to June 24, 2015, covers 100% of Jazztel’s shares. This offer will enable shareholders of Jazztel to receive EUR13 per share in cash. In the case of an acquisition of 100% of Jazztel’s capital, Orange will pay EUR3.4 billion.

The offer is conditional on shareholders of Jazztel holding in aggregate at least 50% plus one share of the maximum theoretical share capital irrevocably accepting the offer. Orange has already secured irrevocable commitments to accept the offer from shareholders representing 14.804% of the issued share capital of Jazztel.

The offer was initially made conditional on Orange obtaining all competition clearances from the relevant authorities. This condition was satisfied when the European Commission approved the proposed acquisition, subject to certain remedies.

Shareholders of Jazztel that wish to accept the offer should contact their custodian, depositary bank, stock broker or other entity through whom their shares are deposited within the acceptance period.