The TeliaSonera shares were sold for 50 kronor each to institutional investors only, the government said in a statement. The sale began Wednesday and was completed by Thursday around midday.
The price of the share was stable on the Stockholm stock exchange on completion of the sale at 51.50 kronor, after plunging by 6.0 percent on Wednesday.
The Swedish state remains the biggest shareholder in TeliaSonera, the Nordic region’s largest telecom operator, with 37.3 percent. The Finnish state holds 13.7 percent.
The sale kicked off the centre-right government’s privatisation plans.
The four-party alliance that came to power in October intends to sell all or part of the state’s holdings in six companies. The other five are banking group Nordea, OMX stock exchange, wine and spirits manufacturer Vin & Sprit, real estate company Vasakronan and mortgage lender SBAB.
The government has previously said it expected the sales to bring in 150 billion kronor to state coffers over three years.