The Slovenian government says a revised deal to sell its majority stake in Telekom Slovenije is unlikely to be considered before September. Earlier this year the state received a single offer for its 72.75% interest in the telco, from UK-based private equity firm Cinven, but the two parties were unable to reach an agreement, due largely to uncertainties relating to the ongoing merger of Telekom’s Macedonian subsidiary, 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 the state holding company SDH rejected the terms.
Although the Macedonian transaction has now gained regulatory approval and the Slovenian government says it is continuing negotiations with Cinven, a deal is not now expected to occur until September at the earliest, after the parliamentary summer break. Cinven has agreed to pay up to EUR130 (USD141.3) per share for the state’s interest in Telekom, with the final price dependent on a number of factors, including the telco’s future performance.