Slovenia has launched a new attempt to privatise Telekom Slovenije by inviting interested parties to express their interest.
The state currently controls 72.38% of shares in the telco, held by the Republic of Slovenia, and state controlled funds SOD and…
Slovenia has launched a new attempt to privatise Telekom Slovenije by inviting interested parties to express their interest.
The state currently controls 72.38% of shares in the telco, held by the Republic of Slovenia, and state controlled funds SOD and KAD.
Up to 75.58% of shares could be sold as additional shareholders have agreed to exit the company in the sale process.
Citigroup is advising the sellers.
Interested parties have until 23 April to express their interest, according to a document published on the SOD website. The sellers will then decide which of the parties qualify for the next round, in which non-binding offers will be submitted.
A source familiar with the plans said that binding offers are expected to be due in mid-summer.
A separate teaser document states that the sellers aim to maximise sale proceeds but also want transaction certainty.
It is understood that the sell-side has already been contacted by strategic as well as financial players showing interest in the asset, although a clearer picture is only expected to emerge once all expressions of interest have been submitted. Telekom Austria, which has in the passed shown interest in assets in the CEE region, is seen as an unlikley buyer as it would face regulatory issues. TA owns 100% of Slovenian mobile operator si.mobil.
Last year in June the parliament of Slovenia decided to privatise the telco following pressure from other European Union member states to address its budget deficit.
Slovenia had previously tried to privatise Telekom Slovenije. In late 2010, a sale process of a 49.13%stake in the telco was cancelled after the government rejected bids from the last two candidates – Iceland’s Skipti and a consortium of Bain Capital, Axos Capital and BT – as too low.
Ljublanja-based Telekom Slovenije has a market cap of €875m, valuing a 75% stake at €656.3m.
