TeliaSonera sells Stofa to Ratos
- 2010-07-08 11:45 UTC
TeliaSonera has signed an agreement on the sale of its Danish subsidiary Stofa to Ratos, a listed private equity company with Nordic focus. The sales price is DKK 1.1 billion on a cash and debt free basis (Enterprise value).
TeliaSonera acquired Stofa in 1995. During the whole period, Stofa has operated as an independent subsidiary of the TeliaSonera Group, and during the last 3 years all services provided by Stofa has been marketed under the ‘Stofa’ brand. Today, Stofa offers Television services, high speed broadband and telephone services to its customers.
Per-Arne Blomquist CFO of TeliaSonera comments: “In the fifteen years that Stofa has been a part of the TeliaSonera Group we have seen strong progress in the company’s offerings and its market position, however its operations are not in line with our core strategy in Denmark. We are therefore very pleased to be able to hand over Stofa to an owner that can further develop the company.”
Ole Simonsen, CEO of Stofa, comments: “The sale of Stofa is a natural next step that will enable Stofa to continue to offer flexible and innovative product offerings,” and he continues: “We are looking forward to start a new chapter in Stofa’s development with Ratos as owner. Ratos has significant experience within innovation – an experience that will benefit all of Stofa’s customers.”
Handelsbanken Capital Market has acted as exclusive financial advisor to TeliaSonera. The agreement is subject to approval of relevant competition authorities as well as TeliaSonera Board approval. TeliaSonera will recognize a capital gain of over DKK 500 million which will be reported in the third quarter 2010.
Stofa was founded in Denmark 1959 and is headquartered in Horsens. Stofa offers its services to approximately 345,000 households in more than 300 antenna association, through a 2,100 km fiber back-bone. Revenue in 2009 was DKK 1,024 million, EBITDA was DKK 166 million and EBIT was DKK 92 million. Stofa has approximately 500 employees.
TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 1.45 p.m CET on July 8, 2010.