Slovenia’s state holding company Slovenian Sovereign Holding (SDH) has rejected the amended takeover offer from Cinven for the government’s 72.75% stake in fixed and mobile operator Telekom Slovenije. In a statement Cinven said: ‘The conditions to proceed with the transaction now are not in place. Cinven remains interested in the privatisation of Telekom Slovenia and open to re-evaluate the situation in the coming weeks.’
On 10 June the UK-based private equity firm altered the terms of its original 20 May binding offer for Telekom to take into account the uncertainties surrounding the ongoing merger of Telekom’s subsidiary in Macedonia, ONE, and local rival VIP Operator, which is part of the Telekom Austria group. Cinven wanted to defer some of its payment for Telekom Slovenije until the Macedonian deal had been cleared by regulators, but SDH says the altered terms were ‘too big a risk’. Cinven claims it will revisit the Telekom deal once the situation in Macedonia is resolved.