The Spanish National Securities Market Commission (CNMV) announced that shareholders representing 94.75% of Jazztel’s total share capital have accepted Orange’s offer of €13 per share.

This represents a total disbursement of €3.179 billion for Orange, the settlement of which is expected on July 1, 2015.

The squeeze-out conditions, as detailed in the tender offer prospectus, have therefore been met and Orange has decided to exercise these rights, enabling it to acquire the remaining 5.25% of Jazztel’s share capital at a price of €13 per share, the same price as the offer. The squeeze-out will be effected on or around August 13, 2015 and will represent an additional disbursement of €176 million for Orange.

Jazztel’s shares will be delisted automatically from the Spanish Stock Exchanges at the end of the squeeze-out period.

Orange said it is very satisfied with this result, which “will enable Orange Spain and Jazztel to build together the most dynamic convergent player on the Spanish market. By gaining control of Jazztel, the Orange Group will benefit from the expected synergies resulting from the merger. Orange will now focus on the successful operational integration of both companies.”