TeliaSonera’s Baltic acquisitions move forward

TeliaSonera has yet to take over full control of Lithuania’s TEO LT as planned, the Nordic telecommunications operator said on Tuesday, but it has acquired nearly all of Estonia's Eesti Telekom.

TeliaSonera in late August offered almost €480 million ($712 million) to buy out minority shareholders in Eesti and TEO LT.

The company already had a stake of nearly 60 percent in each Baltic operator.

The Estonian government in September approved the sale of its 27 percent interest in Eesti to TeliaSonera, which now controls 97.58 percent of the shares and plans to acquire the remainder as well.

But TeliaSonera was only able to gain control of around 68 percent of TEO LT.

TeliaSonera, formed by the merger of Telia of Sweden and Sonera of Finland, in 2008, had more than 2.0 million clients in Lithuania and 778,000 in Estonia at the end of that year.

Member comments

Become a Member to leave a comment.Or login here.