Spain's Telefonica has bought E-Plus, a German wireless carrier, for $6.58 billion plus stock from the Dutch telecom KPN in a deal that will likely invite close scrutiny from European anti-trust regulators. If it passes muster, the deal would establish Telefonica as Germany's largest cellphone carrier, with 42.7 million subscribers, as it would pair E-Plus with O2. KPN would also receive a 17.6% stake in Telefonica which would value the property at about $11 billion.

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