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

Telia buys cloud provider to boost SME presence Telia buys cloud provider to boost SME presence Telia has acquired Finland-based cloud provider Nebula Top Oy as it bids to expand its offering to small businesses. More detail
Orange Business Services looks to acquire French consulting, SI company Orange Business Services looks to acquire French consulting, SI company Orange’s enterprise arm is in exclusive negotiations to acquire a controlling stake in France-based consulting and systems integrator player Business & Decision. More detail
EC accuses Altice of jumping the gun in PT takeover EC accuses Altice of jumping the gun in PT takeover The European Commission has accused Altice of breaching EU rules by taking over Portugal Telecom before the deal was formally approved. More detail
Nokia finally gets green light for A-L Shanghai Bell joint venture Nokia finally gets green light for A-L Shanghai Bell joint venture Nokia has signed a definitive agreement with China Huaxin to merge the vendor's China business with Alcatel-Lucent Shanghai Bell. More detail
UK consumers able to switch mobile operator by SMS under Ofcom plans UK consumers able to switch mobile operator by SMS under Ofcom plans The UK regulator is consulting on plans that would allow customers to switch mobile operator by sending a standard free SMS message to their current provider. More detail
    

@eurocomms