Lithuanian fixed line operator TEO LT has completed the acquisition of TeliaSonera’s 100% stake in mobile operator Omnitel for EUR220 million (USD237 million) on a cash and debt free basis, in a move aimed at combining the Swedish group’s local subsidiaries. As a result of the transaction, which was first announced in October last year, TeliaSonera will continue to own 88.15% of shares in TEO, and will now also indirectly hold 88.15% in Omnitel. To help finance the deal, SEB Bank and Danske Bank provided TEO with a loan of EUR150 million in two equal instalments of EUR75 million. ‘TEO and Omnitel have launched the development of their new generation telecommunications business, which reflects the global direction of the consolidation of services and the convergence of technologies,’ commented the combined entity’s CEO Kestutis Sliuzas.
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