KPN is the incumbent telecom operator in the Netherlands, where it's struggling to grow. However, it is having some success in new ventures, particularly its television service. Importantly, the firm just sold its E-Plus division in Germany to Telefonica for EUR 5 billion ($6.3 billion) in cash plus 20.5% of the combined firm, which significantly strengthens its balance sheet. However, this shrinks the firm and makes it all the more dependent on the Netherlands.
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