By Helena Smolak

Telefonica said it acquired additional shares in its subsidiary, Telefonica Deutschland, following its move in November to take full control of its German unit.

The Spanish telecommunications company said Monday that it obtained up to 13.43% of the subsidiary's shares, and now holds a total of 93.10% of Telefonica Deutschland's share capital.

Telefonica now directly or indirectly holds 2.76 billion shares in Telefonica Deutschland, for 1.48 billion euros ($1.61 billion) funded with cash, it said.

The transaction is expected to complete on Friday, the company said.

In November, Telefonica said it was launching a bid to take full ownership of Telefonica Deutschland, offering EUR1.97 billion for the shares it didn't hold.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

January 22, 2024 02:33 ET (07:33 GMT)

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