Spain's Telefonica has successfully completed its share-for-share buy-out of Dutch entertainment group Endemol with the acquisition of 97.4% of Endemol's shares.

Telefonica had set 75% as the minimum amount of shares exchanged for the acquisition to be accepted.

The public offer, which valued Endemol at Euros4.79bn, ran from July 3 through 24. Telefonica had to pay a higher price than originally anticipated due to the decreased value of Telefonica shares on the Madrid Stock Exchange.

The Telefonica-Endemol deal, announced last March 17, represents one of the largest marriages of content to distribution in Europe.