TeliaSonera boosts TEO stake to 85.6%

27 Jun 2012

Having earlier this month launched a voluntary takeover bid to acquire all the outstanding shares in TEO LT, TeliaSonera has announced that as of 25 June 2012 it now holds 85.6% of the Lithuanian fixed line operator. The acquisition price is EUR0.637 (USD0.79) per share in cash, equivalent to a total value of EUR76 million. Sweden-based TeliaSonera said the takeover bid is not conditional and has no minimum threshold of shares acquired. The takeover bid period expires on 29 June at 3pm local time; TeliaSonera will unconditionally accept all sell orders received by that date and the settlement will take place on 4 July 2012. TeliaSonera will also continue buying TEO LT shares in the open market at the same price of EUR0.637 per share until the very end of the offer period. Last month TeliaSonera agreed to purchase a 7.87% stake in TEO LT, thereby lifting its total ownership in the company from 68.29% to 76.16%. TeliaSonera acquired the shares from East Capital for EUR0.637 per share, equivalent to a total cash consideration of EUR38.9 million.

Lithuania, Telia Company, Telia Lietuva