France's Iliad to take $1.3 bln stake in Sweden's Tele2 [Reuters]
TELE2 AB UNSP/ADR (TLTZY)
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Source: Reuters
Tele2 (TEL2b.ST) , opens new tab for 13 billion crowns ($1.26 billion), investment company Kinnevik (KINVb.ST) , opens new tab said in a statement on Monday. Niel and his companies will buy the stake from Kinnevik, the largest shareholder in Tele2, through Freya Investissement. The transaction will take place in three steps with a first close of 2.9 billion crowns while the rest is conditional on regulatory approvals, Kinnevik said. Iliad will hold less than 30% of the voting interest in Tele2 following completion of the transaction, Kinnevik said. The total proceeds of 13 billion crowns correspond to an average blended purchase price of 94.2 crowns per Tele2 Class A and Class B share, implying a 13% premium to the closing price of the Tele2 Class B share on Feb 23. Unlisted Iliad, founded and majority owned by French billionaire Xavier Niel, is seeking to push consolidation of Europe's telecoms sector. In 2022, Niel took control of a 2.5% stake in Vodafone. The company of
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