United Internet/ 1&1 Share offer suggests hidden value at 1&1

United Internet has announced a voluntary public offer for a further 9% of 1&1 at €18.5/ share, indicating that they continue to see value in 1&1 at these levels. In this quick note we discuss where they potentially see value that the market doesn’t, and implications for the network build.

United Internet/ 1&1 1Q25: Service revenue stable, as mobile pricing improves

United Internet reported solid Q1 results, supported by accelerating growth in IONOS’s AdTech business (although not yet from demand for sovereign European cloud solutions). 1&1 reported stable Q1 service revenue growth, with an improving mobile pricing environment providing greater confidence that the guidance can be achieved this year. Meanwhile the mobile network build rumbles on, supported by a new €800m ECA loan from Japan.

United Internet AG : Q1 2025 driven by IONOS at record-high pace

thyssenkrupp : Moving ahead on the planned spin-off of TKMS

Sogecap : Issuance Focus

Sogécap is tapping the market for its third bond issue in 18 months. This time, it is an inaugural RT1 PNC35 issue, rated 'BBB-'. Proceeds from the issue will be used to refinance the € 800m legacy perp callable 02/2026, for which the insurer is offering a 101.1% buyback offer until 7 July.

Sogecap : Focus Emission

Sogecap revient pour la troisième fois en l’espace de 18 mois pour une émission obligataire. Il s’agit cette fois d’une émission inaugurale de RT1 PNC35, notée BBB-. L’objectif est de refinancer le legacy Perp callable 02/2026 de 800 m EUR, sur lequel l’assureur propose une offre de rachat à 101.1% jusqu’au 7 juillet.