Sweden-based alternative operator Tele2 has received regulatory approval for its Sk475m (E51.4m) acquisition of Dutch broadband operator BBNed from Telecom Italia (TI).
Tele2’s acquisition is being made through subsidiary Tele2 Netherlands on a…
Sweden-based alternative operator Tele2 has received regulatory approval for its Sk475m (E51.4m) acquisition of Dutch broadband operator BBNed from Telecom Italia (TI).
Tele2’s acquisition is being made through subsidiary Tele2 Netherlands on a cash-and-debt-free basis.
“The combination of the businesses makes a very good fit as they are largely complementary,” said Henrik Ringmar, BBNed’s CEO and market area director for Western Europe.
“This is a great opportunity for Tele2 to grow in the Netherlands and benefit from bigger scale and therefore an increased leverage of its network, leading to an even stronger position in each of its existing markets.”
BBNed, a provider of fixed telephony and broadband internet to the Dutch retail, business and wholesale segments, reported revenue of E86m and EBITDA of E14m in 2009.
It was put up for sale by TI at the end of 2008, but its future became less certain in April 2010 when the parent company effectively relegated its Dutch venture to ‘other’ in reporting its annual results for 2009.
Telecom Italia was advised by Morgan Stanley. Tele2 did not hire a financial adviser, but used law firm Stibbe to advise on legal matters.
