Tele Columbus, Germany’s third-largest cable network operator, has agreed to buy rival Pepcom to create a combined company reaching 3.7 million homes, in a deal valued at €608 million (including debt).

Tele Columbus currently provides its Internet, telephony and pay-TV services to 2.8 million households in Berlin, Brandenburg, Saxony, Saxony-Anhalt and Thuringia while pepcom’s customers are in Bavaria and Hesse.

Tele Columbus Chief Executive Ronny Verheist commented: “In the future we intend to continue to pursue economically and strategically attractive growth opportunities to drive consolidation.”

The closing of the acquisition to buy Germany’s fourth largest cable network operator is subject to shareholders approving a proposed rights issue of shares to raise €240 million.

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