Jazztel shareholders have overwhelmingly approved a takeover by Orange.

Shareholders representing 94.75 percent of Jazztel’s total share capital have accepted the France-based operator’s offer of €13 per share.

Orange will pay €3.2 billion for these shares, plus an additional €176 million for the remaining 5.25 percent.

Jazztel’s shares will be delisted automatically from the Spanish Stock Exchanges in August.

The takeover got the go-ahead from the Spanish Securities Commission and the European Commission last month.

Under terms laid out by Brussels, Orange will divest a portion of its fibre network and provide temporary wholesale access to Jazztel’s ADSL network to a rival operator.

Orange first made an offer in September last year.

Jazztel will swell Orange’s customer base by over three million fixed and mobile subscribers.

Spain is Orange’s second largest market with more than 14.7 million customers.

Revenues in the country fell five percent in the first three months of the year to €928 million.

The company has already stated that it hopes to generate synergies worth up to €1.3 billion.

[Cross-border M&A in Europe is five years away, says Orange Deputy CEO]

A statement read: “Orange 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.”

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