Operator group Telia gained a welcome boost to its coffers with the completion of previously announced deals to sell a 49 per cent stake in its Swedish towers unit and 100 per cent of its enterprise-focused unit in Latvia.
The group raised SEK5.5 billion ($562.5 million) from the divestment of a minority stake in its domestic towers business to a consortium comprising a unit of Brookfield Asset Management and Alecta. The deal was announced in January and came after the closing of similar deals in Finland and Norway in December 2021.
Following the three transactions, Telia now owns 51 per cent of Telia Towers, with the remaining 49 per cent held by Brookfield Asset Management and Alecta. The newly-created tower company has an enterprise value of around €2.6 billion ($2.9 billion).
Over in Latvia, the group completed a deal it struck in January to sell its enterprise-focused unit in the country to Latvian fixed provider Tet for €10.8 million. The B2B company, Telia Latvia, was sold through an open auction process launched in Q3 2021.
Tet provides fixed and TV services to consumers and enterprises. Its majority shareholder is the Latvian state which holds a 51 per cent stake. Telia subsidiary Tilts Communications is the only other shareholder.
Alongside its interest in Tet, Telia owns a controlling share in Latvian mobile operator LMT.Subscribe to our daily newsletter Back