Vodafone completed the world’s largest corporate acquisition at the time by buying Mannesmann in 2000.
Vodafone’s takeover of German industrial and telecommunications group Mannesmann was completed in 2000 after a highly contested bid. The transaction was valued at roughly £112 billion, depending on the measurement used, and created one of the world’s largest telecommunications companies. It was widely described as the largest merger or acquisition ever completed at that point.
The deal reflected the rapid expansion of mobile communications across Europe and the strategic value of obtaining international networks and customers. Mannesmann had entered telecommunications through its mobile subsidiary, D2, while Vodafone was expanding beyond its British base. Vodafone later became a major multinational operator, although its assets and corporate structure have changed over time. The acquisition is often confused with later mega-deals because rankings depend on whether values are measured in cash, shares, announced value or inflation-adjusted terms.