Telia Company AB (0H6X.L,TLSNY.PK), a Swedish telecom company, on Friday announced a cash offer of SEK 3.25 per share to buy Bredband2 i Skandinavien AB (BRE2.ST), a Swedish internet service provider. This offer values Bredband2 at around SEK 3.111 billion for its 957.095 million shares.
Patrik Hofbauer, CEO of Telia, said: "The Swedish broadband market is evolving rapidly. The Bredband2 team have done a great job in building a trusted brand that stands out as an attractive value alternative, which would complement Telia's established premium products and enable us to reach an even larger and more diverse customer base."
This offer price represents a premium of around 34.9% compared with Bredband2's closing share price of SEK 2.41 on July 17, 46.8% compared with the volume-weighted average trading price of SEK 2.21 in the last 90 trading days, and 60.7% compared with the volume-weighted average trading price of SEK 2.02 during the last 360 trading days.
This offer is conditional upon the offer being accepted to such an extent that Telia becomes the owner of over 90% of Bredband2. The acceptance period is expected to begin on or around September 1 and end on or around October 17.
Telia will use its own available funds to complete the transaction. Accordingly, the completion of the offer is not subject to any financing condition.
The five largest shareholders, ALCUR Fonder AB, Anders Lövgren, InfraCom Group AB, ODIN Small Cap, and Mark Hauschildt, holding around 50.2 percent of the shares and votes in Bredband2, have decided to accept the offer.
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