TDC Group has entered into an agreement with Tele2 on the sale of its Swedish subsidiary TDC Sverige AB. Tele2 will pay SEK 2.9 billion to take over TDC Sweden's local customers, more than 800 employees and managers and the local infrastructure in the Swedish market.
With the sale to Tele2, we have found a good long-term owner who stands to achieve considerable synergies and will therefore be able to invest in further developing the business. At the same time, we have found a good business partner for both our Danish and Norwegian business customers as well as wholesale customers. The customers will be in safe hands with Tele2, and through the sale, we have achieved a higher value than we would have been able to gain by a continued ownership of TDC Sweden, says Pernille Erenbjerg, Group CEO and President, TDC Group.
The sale of TDC Sweden marks the end of the strategic review which TDC Group launched in January. With the divestment of the activities in Sweden, TDC Group will focus its resources on the company's continued activities in Denmark and Norway.
The customers continue on same terms and conditions
All customers will continue on unchanged terms and conditions in relation to their contracts, and the sale will therefore not have any immediate impact on the customers, regardless of whether they are based in Denmark, Norway, Sweden or internationally.
It has been important for us to enter into an agreement with Tele2, which means that all our customers can continue under their existing contracts without any concerns. Of course, the sale of TDC Sweden also means that, in future, we will be servicing those of our customers with Swedish activities via a business partner. It's a new model for us in Sweden, but we have experience with this strategy in other countries where we don't have our own infrastructure. Tele2 is a really good business partner for the TDC Group, and both they and we see considerable potential for further developing our cooperation in the years to come, says Pernille Erenbjerg.
To be able to service our key accounts, TDC Group will still have a core network in Sweden as part of the European fibre ring passing through Sweden to Norway and Finland.
The sale of TDC Sweden is subject to the approval by The European Commission. This is expected to take place in the fourth quarter of this year.
Facts about TDC Sweden
In 2015, TDC Sweden had revenue of SEK 3.38 billion (DKK 2.70 billion)
Free cash flow (EBITDA-Capex) in TDC Sweden in 2015 was SEK 126m (DKK 99m), which with a sale price of SEK 2.9 billion corresponds to a cash flow multiple of 23x
At the end of Q1 2016, TDC Sweden had 810 full-time employees
TDC Sweden is headquartered in Stockholm
Facts about Tele2
In 2015, Tele2 had revenue of SEK 12.63 billion in Sweden
Tele2 is a mobile network operator in Sweden, and the company has 3.7 million mobile customers in Sweden
Tele2 does not have operational activities in Denmark or Norway
Besides Sweden Tele2 also operates in The Netherlands, Germany, Austria, Croatia, Kazakhstan, Lithuania, Latvia and Estonia
Additional information:
TDC Group Communications, tel. +45 70 20 35 10
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TDC Group has entered into an agreement with Tele2 on the sale of its Swedish subsidiary TDC Sverige AB. Tele2 will pay SEK 2.9 billion to take over TDC Sweden's local customers, more than 800 employees and managers and the local infrastructure in the Swedish market.
