The government of Gibraltar is interested in a foreign telecoms operator becoming a new strategic partner in Gibtelecom after Telekom Slovenije decided to exit the business.
Gibraltar’s government now owns 100% of Gibtelecom after choosing to exercise…
The government of Gibraltar is interested in a foreign telecoms operator becoming a new strategic partner in Gibtelecom after Telekom Slovenije decided to exit the business.
Gibraltar’s government now owns 100% of Gibtelecom after choosing to exercise its pre-emptive right to buy Telekom Slovenije’s 50% stake for €47.7m (US$59.6m) when the Slovenian operator decided to sell up.
Telekom Slovenije left the company as it looks to focus on its core markets in South-Eastern Europe, in line with its 2014-2018 strategic plan.
A spokesperson for the government told TelecomFinance that it exercised its first option to buy the shares as otherwise it would have had no say over who could enter Gibtelecom as its partner.
The renationalisation of the incumbent is only a temporary measure as Gibraltar would like another foreign telecoms operator to replace Telekom Slovenije as a strategic partner, the spokesperson said.
In a notice to the Ljubljana stock exchange this morning, Telekom Slovenije said the entire transaction is scheduled to complete in December.
Gibtelecom offers mobile, fixed-line telephony and broadband services and is the only player in the market. It made a €10m profit in 2013, according to Telekom Slovenije’s annual report.
