Finland has reduced its stake in TeliaSonera through the sale of shares and convertible bonds. The state sold 89 million shares in the operator, or a 2.1 percent stake, for SEK 45.20 per share to institutional investors. Gross proceeds were EUR 451 million, and the state investment company Solidium said it expects to realise a pretax gain EUR 136 million relative to the book value. Following the offering, Solidium's holding in TeliaSonera decreases from 13.7 percent to 11.7 percent. At the same time Solidium sold EUR 600 million in senior unsecured bonds, exchangeable into around 93 million ordinary shares of TeliaSonera. They have a maturity of 3.5 years and pay a coupon of 0.50 percent per annum. The initial exchange price is SEK 57.63. The bonds would reduce Solidium's stake further to 9.5 percent. The state has agreed to not sell any more shares in TeliaSonera for 90 days.
