TeliaSonera targets Baltic telecoms | Shanghai Daily

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August 25, 2009

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TeliaSonera targets Baltic telecoms

SWEDISH telecommunications operator Telia-Sonera AB yesterday said it has submitted offers worth US$698 million to buy out two Baltic telecommunications firms.

TeliaSonera, which already owns about 60 percent of the shares in Estonia's Eesti Telekom and Lithuania's TEO LT AB, said it has made offers to buy the remaining shares.

The Stockholm-based company said it will offer 93 Estonian kroons (US$8.61) for each share in Eesti Telekom, representing a premium of 24.3 percent over the closing market price on August 21.

It will also offer 1.83 Lithuanian litas (US$0.77) for each share in TEO LT, which is 30.7 percent higher than the closing market price on August 21.

Lars Nyberg, president and chief executive of TeliaSonera said the future prospects of both companies would improve from an increased TeliaSonera ownership.
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