TeliaSonera to increase stake in Teo

News Broadband Lithuania 8 MEI 2012
TeliaSonera to increase stake in Teo
TeliaSonera has agreed to acquire a 7.87 percent in Lithuanian operator Teo from East Capital for EUR 0.637 (LTL 2.20) per share, increasing its ownership in Teo to 76.16 percent from the current 68.29. TeliaSonera said it will also invite all other shareholders to participate in a voluntary takeover bid for the remaining outstanding shares. The operator will pay a total EUR 38.9 million for the shares acquired from East Capital, with the deal expected to close 10 May, just after payment of Teo's dividend. TeliaSonera will launch a public bid for the remaining shares at the same price, which will cost a total EUR 118.0 million if all shares are tendered. The price offers a premium of 5.3 percent on the closing share price the day before the announcement. The takeover bid is not conditional and has no minimum threshold of shares tendered. TeliaSonera said it will keep Teo listed if a significant number of shares remain outstanding.

Categories:

Fixed

Companies:

Telia,  TEO

Countries:

Lithuania

Tags:

Voice services, M&A buyouts & divestments

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