(Reuters) - Spain's Telefonica (BME:TEF) said on Monday its stake in German unit Telefonica Deutschland had reached 93.1% during a tender offer it launched for shares in the company.
The Spanish company said in November it would offer to buy the 28.19% in Telefonica Deutschland it did not own for 2.35 euros ($2.56) per share.
During the public tender offer, Telefonica bought about 630 million shares from minority holders, the equivalent of about a 21% stake, for about 1.48 billion euros.
The offer is expected to be settled on Friday.
Telefonica Deutschland has a market value of around 7 billion euros.
The deal is part of the Spanish telecom company's three-year strategic plan to focus on its four biggest markets: Spain, Brazil, Britain and Germany.
The company intends to boost profitability by reducing capital expenditure, raising revenue and cutting costs.
($1 = 0.9171 euros)