DGAP-News

United Internet welcomes decision by Drillisch shareholders

DGAP-News: United Internet AG / Key word(s): Investment United Internet welcomes decision by Drillisch shareholders 25.07.2017 / 12:43 The issuer is solely responsible for the content of this announcement. Montabaur, July 25, 2017. As part of the step-by-step acquisition of 1&1 Telecommunication SE by Drillisch AG under the umbrella of United Internet AG, 97.85 percent of the represented share capital at today's extraordinary General Meeting of Drillisch voted in favor of the proposed capital increase by way of a contribution-in-kind. The majority of 75 percent required for approval was therefore achieved.

Ralph Dommermuth, Chairman of the Management Board of United Internet, states: "We're delighted of the clear approval which the Drillisch shareholders have given to the capital increase. It allows us to create a strong fourth player in the German telecommunications market. Under the umbrella of United Internet a new full-service telecommunications provider that has a strong brand, an enormous customer base and immense distribution capability can be established now. Together, we can offer our customers the complete range of products with full access to the network technologies of today and tomorrow from a single source: high-speed DSL, mobile internet and the associated services. The shareholders of United Internet and Drillisch will benefit from the significant growth potential and synergies offered by the merger in the form of value increases and dividends."

On May 12, 2017, United Internet and Drillisch had announced a business combination agreement. This agreement stipulated the step-by-step integration of 1&1 Telecommunication into Drillisch via two capital increases. The first capital increase by way of a contribution-in-kind has already been completed. As a result, Drillisch acquired around 7.75 percent of the shares in 1&1 Telecommunication and, in return, issued around nine million new Drillisch shares to United Internet. The second capital increase was subject to the approval of today's extraordinary general meeting. The overall transaction was accompanied by a voluntary public tender offer submitted by United Internet to the Drillisch shareholders. In this context, approximately 1.78 percent of Drillisch shares were tendered.