Tele2 sells its German business

7 Dec 2020

Tele2 has announced it has agreed to sell its German business to the Tele2 Germany management for an enterprise value of up to EUR22.8 million (USD27.6 million), depending on the financial performance of the business until the end of 2024. The Swedish group said the divestment is another step in its long-term strategy to consolidate its geographical footprint. The transaction is expected to close by the end of this month; Tele2 Germany will be reported separately as discontinued operations in Tele2’s income statement, with a retrospective effect on previous periods.

‘The German management has done an impressive job during the years by creating significant value despite having a portfolio of products in structural decline,’ commented Kjell Johnsen, President and CEO of Tele2, adding: ‘They are clearly best suited to manage the German business going forward, while Tele2 can continue its focus on core markets and products. I would like to thank the German management for their contribution to Tele2 and I wish them all the best going forward.’

Germany, Tele2, Tele2 Germany