Sweden’s Telia Company has reached an agreement to sell part of its mobile tower business in Norway and Finland to infrastructure investment firms Brookfield and Alecta. The total cash proceeds to Telia for the 49% stake will be EUR722 million (USD859 million). The transaction involves 4,700 towers in the two countries, with total revenue of EUR88 million and EBITDA of EUR56 million in 2020. The sale is subject to customary regulatory approvals and closing is expected to take place in the fourth quarter of 2021. On completion, Telia Company will enter into an anchor tenant agreement with Telia Towers in Finland and Norway, for an initial period of eight years, extended automatically for two terms of five years each.
Telia CEO Allison Kirkby commented: ‘Telia is a clear leader in digital infrastructure, owning the largest tower infrastructure footprint in the Nordics and the Baltics. We are delighted to enter into a strategic partnership with Brookfield and Alecta, to both crystallise immediate value, and more importantly help Telia better develop its infrastructure base. Both Telia and Brookfield/Alecta have a long-term industrial view on the role of tower infrastructure as a foundation for continued digitalisation of the region.’