Tele2 get Brussels clearance for TDC Sweden buy

European Commission, Tele2, TDC, Sweden

The European Commission has approved Tele2’s acquisition of TDC Sweden.

Tele2 announced the SEK 2.9 billion (€300m) deal in June, which it hopes will boost its enterprise market offering in its home market.

Last week, the operator unveiled details of the rights issue it has launched to fund the acquisition.

It maintained that the deal is not conditional on equity financing, as it has “available funds and existing credit facilities in place to finance the transaction”.

Two weeks ago, Telefónica shelved an IPO of its infrastructure arm Telxius as investors’ valuation was lower than that of the Spain-based operator.

Allison Kirkby, President and CEO of Tele2 AB, said: “We are delighted to have received clearance to proceed with the acquisition of TDC Sweden.

“This acquisition is consistent with our strategy to be champions of customer value for both consumers and businesses, allowing us to serve our large B2B customers with a stronger and wider range of communication and network services.

“The combination of Tele2 and TDC Sweden will unlock significant value for both our customers and our shareholders.

”Samuel Skott, CEO of Tele2 Sweden, added: “I am truly excited to now be able to start combining the strengths of Tele2 and TDC Sweden.

“Together, we will be a challenger, offering a more comprehensive product portfolio.

“The unique complementary profiles of the two companies will enable us to provide our customers with even greater value going forward.”

Last month, the European Commission approved the joint venture between the Italian subsidiaries of CK Hutchison and VimpelCom.

More News

Three leans on Cisco Jasper to power IoT business Three leans on Cisco Jasper to power IoT business Mobile operator Three has selected Cisco Jasper to jump start its Internet of Things offering across its entire footprint. More detail
BT hit with record £42 million Ofcom fine for bad behaviour at Openreach BT hit with record £42 million Ofcom fine for bad behaviour at Openreach UK regulator Ofcom has slapped BT with a £42 million fine after its Openreach division failed to provide adequate compensation for late installations. More detail
UK telcos could be forced to shell out £185 million for poor service under Ofcom plans UK telcos could be forced to shell out £185 million for poor service under Ofcom plans Telecoms customers in the UK who experience poor landline or broadband service could be subject to automatic compensation under new proposals made by regulator Ofcom. More detail
eir loses CCO, appoints new CITO eir loses CCO, appoints new CITO Jon Florsheim has quit as Chief Commercial Officer of eir, the Ireland-based operator has revealed. More detail
Telefónica wins five-year Ferrovial comms deal Telefónica wins five-year Ferrovial comms deal Telefónica will supply infrastructure company Ferrovial with a range of communications services after winning a five-year deal. More detail
    

@eurocomms