TeliaSonera increases stakes in TEO LT, Eesti Telekom to 68%, 97%

13 Oct 2009

Swedish telecoms group TeliaSonera has announced it has raised its stake in Lithuanian telco TEO LT to 68.08% after making a cash offer for outstanding shares. ‘Our strategy is to increase our ownership in our core holdings and this was achieved both in TEO LT and Eesti Telekom [in Estonia]. Our offer was obviously more successful in Estonia as we did not get as far in Lithuania, which is partly due to a different shareholder structure,’ commented Per-Arne Blomquist, executive vice-president and CFO of TeliaSonera, adding, ‘Moreover, passing the threshold of two-thirds of the votes in the company increases our influence which is to the benefit of TEO LT.’ The Swedish company’s cash offer for shares in Eesti Telekom raised its holding to 97.6% and it said it would now squeeze out remaining shareholders.