TELE2 Hrvatska to Be Sold to United Group for EUR 220m

This is particularly interesting as Optima Telekom, which is currently consolidated and managed by HT will be subject to sale. As a reminder, HT should dispose of their 17.4% stake in Optima Telekom until 10 July 2021.

The Swedish Tele2 AB announced on the sale of their Croatian subsidiary Tele2 Hrvatska. The sale of the Croatian segment was concluded with United Group for the value of EUR 220m. To put things into perspective, the value of the deal would account for 7.2x adjusted T12 EBITDA of the company (excluding IFRS 16 effect).

United Group is a provider of telecommunication services and international media content, which already in Croatia owns Nova TV, N1 and Sport klub. Note that the sale is still subject to approval by the regulators.

With the approval of the sale, United Group would become the biggest competitor of HT and A1. This is particularly interesting as Optima Telekom, which is currently consolidated and managed by HT will be subject to sale. As a reminder, HT should dispose of their 17.4% stake in Optima Telekom until 10 July 2021.

It is speculated by the media that United Group might be interested in acquiring Optima Telekom, as the company’s business is majority related to fixed broadband, which is a segment TELE2 Hrvatska does not operate in. Such an acquisition would lead to a consolidation of all majority telecom segments on the Croatian market by the United Group.

To read about Q1 results of HT’s competitors click here.

InterCapital
Published
Category : Flash News

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