TeliaSonera has agreed to purchase a 7.87% stake in Lithuania’s incumbent fixed line operator TEO LT, thereby lifting its total ownership in the company from 68.29% to 76.16%, the Sweden-based telecoms group announced in a press release. TeliaSonera will acquire the shares from East Capital for EUR0.637 (USD0.829) per share, equivalent to a total cash consideration of EUR38.9 million; the deal is scheduled to close on 10 May 2012. Once all related approvals for the transaction are received, the company will invite all other shareholders of TEO LT to participate in a voluntary takeover bid for the remaining outstanding shares.
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OVETEL TeliaSonera increases TEO stake, offers to buy out remaining shareholders
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