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press release
Paris, February 26, 2024, 7:45am
Investment in Tele2
financial release
Iliad Group today announced that Freya Investments, an investment vehicle jointly owned by Iliad and NJJ Holding (“Freya”), has entered into a binding agreement with Kinnevik AB (publ) to acquire approximately 19.8% of the equity interest. announced that it has signed a contract with Kinnevik. The capital consists of both class A and class B shares in Tele2, one of the leading companies in the telecommunications market in Sweden and the Baltics, with a total cash amount of approximately SEK 13 billion (EUR 1.16 billion) ). Upon completion of the transaction, Freya will become Tele2’s reference shareholder, subject to approval by the relevant authorities. With its expertise and know-how in telecommunications asset management, this strategic stake acquisition gives iliad Group the opportunity to accelerate Tele2’s growth through Freya and collaborate with Tele2’s management team on innovation, convergence and next generation investments. will be provided. network.
Important terms and conditions
Under a binding agreement, Freya will acquire from Kinnevik 20,733,965 A shares and 116,879,154 B shares, representing approximately 19.8% of Tele2’s share capital, at a weighted average price of SEK 94.2 per share.
The transaction has the unanimous support of the boards of iliad, Freya and Kinnevik and is divided into three parts:
• In Tranche 1, Freya will acquire 31,329,972 B shares from Kinnevik, representing 4.5% of Tele2’s share capital (3.5% of the voting rights). Closing of Tranche 1 will occur immediately after signing.
• In Tranche 2, Freya will acquire 14,202,766 A shares and 85,549,182 B shares from Kinevik. Together with Tranche 1, this represents approximately 18.8% of Tele2’s share capital (28.8% of its voting rights). Closing of Tranche 2 is subject to foreign direct investment approval in the relevant country.
• Under Tranche 3, Freya will acquire all the remaining shares held by Kinnevik, i.e. 6,531,199 A shares in combination with Tranche 1 and Tranche 2, resulting in Freya owning approximately 19.8% of Tele2’s share capital. Masu. Closing of Tranche 3 may be subject to antitrust approval, if applicable.
The parties expect the closing of Tranche 2 to occur during the second quarter of 2024 and the closing of Tranche 3 to occur no later than the third quarter of 2024. As a result of the transaction, Freya’s ownership will be less than 30% of his. Tele2’s voting rights will be reduced as Freya plans to convert her multiple voting Class A shares into her single voting Class B shares each. Up to EUR 500 million of the transaction will be financed by iliadholding, with the remaining EUR 650 million being financed by NJJ Holding and Freya. Therefore, this transaction will not affect Iliad Group’s leverage and will have a limited impact on Iliad Holding (0.14x).
Thomas Reynaud, Director of Freya and CEO of iliad Group, said: “The iliad and Tele2 groups have a lot in common. We both believe in the power of innovation and the importance of entrepreneurship. Our business sector in Europe is in high demand. Therefore, we have great respect for what her Tele2 shareholders, management and team have achieved and are pleased that Kinnevik has selected Freya as her Tele2’s new standard shareholder. I look forward to contributing to the next chapter of Tele2’s growth story.”
About Iliad Group
Founded in the early 1990s, Iliad Group is the inventor of the world’s first triple play box and has grown to become a major European communications player, distinguished by its innovative, straightforward and attractive products. The group is the parent company of France’s Free, Italy’s Iliad and Poland’s Play, and has more than 17,400 employees serving its 47.8 million subscribers, with over 90 Generated revenues of 1 billion euros. In France, the Group is an integrated fixed and mobile ultra-fast broadband operator with 22.1 million retail subscribers as at 30 September 2023 (14.8 million mobile subscribers and 14.8 million fixed subscribers). (7.3 million people). In Italy, the Group started operating under the iliad brand in 2018, becoming the fourth mobile operator in the country with a market share of more than 13%, with over 10.6 million mobile phone users as of September 30, 2023. We have subscribers. In Poland, the Group became an integrated convergent operator after acquiring UPC Polska in 2022, with over 13 million mobile subscribers and his over 2 million fixed subscribers as of September 30, 2023. I’m holding it. Iliad Group is the sixth largest operator in Europe in terms of retail mobile subscriber numbers (excluding). M2M) and fixed internet.
See below for more information.
www.iliad.fr/ja
follow me:
Twitter(X): @GroupeIliad
LinkedIn: iliad group
contact address:
Public relations activities for investors: ir@iliad.fr
For the press:
– For France: Isabelle Audup presse@iliad.fr ; +33 6 33 47 09 57
– For the UK and Internationally: Finelk – Cornelia Schnepf – Cornelia.Schnepf@finelk.eu ; +44 7387 108 998
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