TeliaSonera executes on new strategy - Teo and Omnitel join forces
6 October 2015
TeliaSonera executes on its new strategic focus by combining its two Lithuanian subsidiaries. The fixed line operator Teo and the mobile operator Omnitel have decided to join forces, which strengthens TeliaSonera's core business in the Nordics and Baltics.
Consumers no longer make a distinction between fixed and mobile services and the demand for converged offerings are steadily increasing. The combination of Teo and Omnitel will create a leading, fully converged telecom operator and strengthen the market position through clear synergies and enhanced customer proposition, says Robert Andersson, Chair of the Board of Teo.
Teo will acquire Omnitel for EUR 220 million on a cash and debt free basis and the combination is estimated to generate annual synergies of around EUR 10 million when implemented. Based on Omnitel's full-year 2014 results, the purchase price corresponds to an EV/EBITDA multiple of 7.8x or approximately 5.7x taking the estimated synergies into consideration. A fairness opinion has been delivered by KPMG to the Board of Directors of Teo in connection with the transaction.
Teo will use external financing for the acquisition and TeliaSonera's ownership in Teo will remain at 88.15 percent following the transaction. The acquisition is expected to be finalized in first quarter of 2016 at the latest.
TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 08.00 a.m. CET on October 6, 2015.
For more information, please contact the TeliaSonera press office +46 771 77 58 30, press@teliasonera.com, visit our Newsroom or follow us on Twitter @TeliaSoneraAB.
Forward-Looking Statements
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.
TeliaSonera provides network access and telecommunication services in the Nordic and Baltic countries, the emerging markets of Eurasia, including Russia and Turkey, and in Spain. TeliaSonera helps people and companies communicate in an easy, efficient and environmentally friendly way. Our ambition is to be number one or two in all our markets, providing the best customer experience, high quality networks and cost efficient operations. TeliaSonera is also a leading wholesale provider who owns and operates one of the world's most extensive fiber backbones. In 2014, net sales amounted to SEK 101.1 billion, EBITDA to SEK 35.2 billion and earnings per share to SEK 3.35. The TeliaSonera share is listed on Nasdaq Stockholm and Nasdaq Helsinki. Read more at www.teliasonera.com.
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TeliaSonera executes on new strategy - Teo and Omnitel join forces 
