Economy

Deutsche Telekom acquires Czech mobile provider

BERLIN (AP) — Germany's Deutsche Telekom says it is acquiring all remaining shares of T-Mobile Czech Republic in an €800 million euro ($1.1 billion) deal.

Telekom said Monday that it was purchasing the 39.23 percent stake in the company from a consortium of investors led by funds managed or advised by private equity group Mid Europa Partners. Telekom says the acquisition of the remaining shares is a "natural step" to full ownership of what was already a fully consolidated and controlled subsidiary.

It says it will enable a simplification of T-Mobile Czech Republic's capital and governance structure, while also providing financial benefits such as saving dividend payments to minority shareholders.

Mid Europa says the transaction is expected to close by the end of February.

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