In December 2020, Vodafone's wholly owned subsidiary, Vodafone Vierte Verwaltungs AG, announced a settlement with three minority shareholders and launched a tender offer to the remaining shareholders of Kabel Deutschland Holding AG ('KDG'). Through irrevocable undertakings with three minority KDG shareholders, Vodafone will own at least 93.8% of the outstanding share capital of KDG following completion of the offer. The transaction will be immediately accretive for both Adjusted EPS and Free Cash Flow per share and will be neutral to our credit rating.