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.

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