State-owned shareholders in Telekom Slovenije have agreed to sell a stake of more than 75% in the company, with plans to select a financial adviser next month.
Investment fund Slovenska Odskodninska Druzba (SOD) announced that it has signed an agreement…
State-owned shareholders in Telekom Slovenije have agreed to sell a stake of more than 75% in the company, with plans to select a financial adviser next month.
Investment fund Slovenska Odskodninska Druzba (SOD) announced that it has signed an agreement with fund Kapitalska Druzba, reinsurer Pozavarovalnica Sava and insurer Zavarovalnica Triglav to sell a combined 72.75% stake in Telekom Slovenije.
SOD, which has a 4.25% stake in the telco and is coordinating the sales process, has also signed a letter of intent with several other state-owned shareholders, bringing the total interest to be sold to more than 75%, the fund explained.
SOD said it intends to invite 15 “major international financial institutions” to take part in a tender to act as the financial adviser for the sales process. The selection is scheduled for the start of October.
The Slovenian government decided to privatise the incumbent telco in May following pressure from other European Union member states to address its budget deficit. In June, MPs approved the proposed sale of the telco and 14 other state-owned companies.
Ljubljana-listed Telekom Slovenije has a market capitalisation of €725.44m, valuing the 75% stake at €544m.
