The Lithuanian incumbent Teo has acquired a 100% stake in Omnitel from its current shareholder TeliaSonera for €220 million on a cash and debt free basis.
As a result of the deal, which was in part financed by a loan of €150 million from SEB Bank and Danske Bank in equal installments of €75 million, the structure of the shareholders of Teo will remain unchanged. This sees TeliaSonera holding 88.15% of shares, with others having an 11.85% stake in the company and, indirectly, Omnitel.
Both companies have since the beginning of this year been led by a new management team, approved by Teo’s board in December 2015.
Commenting on the deal, Kestutis Sliuzas, CEO of Teo and Omnitel, said: “Teo and Omnitel have launched the development of their new generation telecommunications business, which reflects the global direction of the consolidation of services and the convergence of technologies. Therefore, already this year we are going to offer to our customers the first services and products that will be developed without thinking about technological divides, and to business – their simple management though account managers”.
