Tele2 has agreed to sell its Croatian business to United Group for €220 million.
The deal, which is subject to regulatory approval and expected to close by the end of this year, will allow the company to focus on the Baltic region.
Commenting on the development, Anders Nilsson, president and CEO of Tele2, said: “We are proud of the business we have built in Croatia and especially its outstanding development in the last two years, driven by our talented employees and our valued customer base. We believe Tele2 Croatia will create even greater value for our customers going forward, as part of United Group’s family of telecom and media companies. For Tele2, this opportunity enables an increased focus on successfully executing our strategy in the remaining footprint. I would like to thank the Croatian team for their engagement and many contributions to Tele2 over the past 14 years”.
Following the announcement of the agreement, Tele2 Croatia will be reported separately under discontinued operations in the income statement, with a retrospective effect on previous periods. Perella Weinberg Partners acted as financial advisor to Tele2.
