Swedish industrial and communications group Kinnevik, which is the largest shareholder in telecoms group Tele2, has agreed to acquire 33.9 million shares (corresponding to an approximate 18.5% interest) in domestic cableco Com Hem from Nordic company NorCell (indirect investment holding company of UK-based private equity firm BC Partners), for a cash consideration of SEK3.7 billion (USD420 million) in total. The deal is expected to close on 4 May. The acquisition will be fully financed by cash at hand and existing credit facilities and capital market programmes. Kinnevik’s acting CEO Joakim Andersson commented: ‘Com Hem has a strong market position in the Swedish broadband and TV market, and offers attractive growth and cash flow. The acquisition enables Kinnevik to take a leading position in an asset complementing our existing mobile and media companies.’
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