Ice Group sells Nextel stake, to de-merge international ops to concentrate on Scandinavia

News Wireless Global 1 JUN 2018
Ice Group sells Nextel stake, to de-merge international ops to concentrate on Scandinavia

Ice Group said it has accepted an offer to sell its 30 percent ownership share in Nextel Holdings for USD 70 million to AI Media Holdings (Access Industries) and plans to de-merge its international businesses in favour of a more focused approach to its future operations. After the de-merger, Ice Group proposes for all AINMT Holdings shareholders to convert their shares to the N:OTC-listed Ice Group AS vehicle, which will own 100 percent of the Scandinavian businesses after the restructuring.

Subject to certain conditions, AI Media Holdings may pay Ice another USD 5 million in cash. UBS is acting as exclusive financial adviser to AINMT Holdings. The deal is conditional on Ice Group AS shareholders voting in favour of the transaction. Rasmussengruppen and some key Ice Group management shareholders have already voted in favour of the transaction.

Ice Group proposes to de-merge its international businesses, currently consisting of holdings in Indonesia (Sampoerna Telekomunikasi Indonesia), the Philippines (Broadband Everywhere) and Brazil (dormant) from the group. In future, Ice Group AS will consist of its operations in Norway, Sweden and Denmark. If the de-merger is approved, current shareholders of Ice Group AS will receive one share in the de-merged entity for every share

Current shareholders of AINMT Holdings include Access Industries and employees participating, or who have participated, in the company’s option programme.

All the resolutions are subject to Ice Group AS shareholder approval at an extraordinary general meeting to be held on or about 15 June 2018. More details related to the proposed de-merger and other matters will be shared in a forthcoming notice to the EGM.

Categories:

Mobile

Companies:

ICE,  Nextel,  Ice.net,  Net1,  Access Industries,  AINMT Group

Regions:

Global,  Scandinavia

Countries:

Brazil

Tags:

Shareholders & subsidiaries, Wireless, Corporate strategy, M&A buyouts & divestments

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