09 Oct Freenet acquires Mobilezone Germany — a consolidation move with strategic logic
In October 2025, freenet AG announced that it had signed an agreement to acquire 100% of Mobilezone Deutschland GmbH (plus material operating subsidiaries) for a purchase price of approximately €230 million. According to the freenet press release, Mobilezone generated revenues of nearly €780 million and an 2024 EBITDA of approx. €30 million in 2024. Shares Magazine
From these figures one can derive an implicit EV/EBITDA multiple of ~7.6×, substantially above typical European M&A multiples in retail / telco contexts.
Why this premium multiple could be justified
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Quality of digital / MVNO assets: Mobilezone (via brands like Sparhandy, Deinhandy, HIGH etc.) holds strong digital and MVNO presence, giving it higher-margin, scalable revenue streams versus pure physical retail. Mobilezone+1
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Channel access & strategic positioning: For freenet, the deal locks in key distribution channels (notably via MediaMarkt/Saturn, whose exclusive partnership was extended in parallel) and strengthens its reach in the German mobile landscape.
However, this premium makes sense only if synergies materialize. If freenet can capture synergies in the order of 10 % of Mobilezone’s operational cost base, the effective multiple falls to ~6.1×. That number lies below freenet’s own trading multiple (cited around 9.4× in an analyst’s scenario), making the deal accretive under favorable execution.
Risks & caveats
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Integration risk: combining systems, brands, cultures, back-office functions
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Overestimation of synergies: if savings don’t fully materialize, the premium could backfire
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Execution timing: the deal’s completion is contingent on regulatory approvals and integration execution Shares Magazine+1
Conclusion
This deal is a consolidation move in the German telecom / retail value chain. The premium multiple 7.6× vs. market benchmarks of ~6× reflects the strategic value of digital / MVNO assets and the necessity for freenet to secure distribution reach. Under a credible synergy capture scenario, the acquisition becomes accretive, strengthens freenet’s footprint, and has real potential to deliver shareholder value, provided the execution is precise and the 2025 numbers align with the expectations.