KPN : KPN/ Glaspoort acquisition of ~200k DELTA Fiber lines blocked by the regulator - small negative for KPN/ VODZiggo

研报英文原文证据摘录

KPN : KPN/ Glaspoort acquisition of ~200k DELTA Fiber lines blocked by the regulator - small negative for KPN/ VODZiggo

EQUITIES

TELECOM OPERATORS

KPN OUTPERFORMPRICE* EUR4.36  TARGET PRICE EUR5.2 (UPSIDE 19%)

KPN ADR OUTPERFORMPRICE* USD4.97  TARGET PRICE USD5.9 (UPSIDE 19%)

FLASH NOTE

KPN/ Glaspoort acquisition of ~200k DELTA Fiber lines blocked by the

regulator – small negative for KPN/ VODZiggo

9 JUNE 2026 Securities Research Report Production time: 07:45* (London time)

Research Analyst & Publishing Entities

Joshua Mills, CFA BNP Paribas London Branch (+44) 203 430 8670 Joshua.Mills@uk.bnpparibas.com

What happened?

*Yesterday evening, after market close, KPN announced that their planned acquisition of ~200k FTTH lines from DELTA

Fiber (which was to be acquired via KPN’s JV. Glaspoort) has been prohibited by the regulator.

*This follows a 2-year regulatory review, process, which was already longer than KPN had initially expected.

*KPN stated ‘KPN regrets the decision. While each ACM decision should be assessed on its specific merits, the parties

do not see why this relatively small transaction warrants the strongest measure available to ACM, i.e. prohibition. KPN

will review the decision with the parties to the transaction and assess possible next steps.’

BNPP View:

*We see this announcement as a small negative for KPN. Whilst perhaps not a surprise given the continued extension

of the process (and the fact that KPN was becoming less confident on deal approval in public statements), the

announcement of an outright prohibition (rather than request for asset sales etc) is disappointing.

*We believe that this likely rules out any further attempts at FTTH acquisition by KPN in the near term. This could have

some longer-term implications for capex (i.e.