MTG has completed the sale of its 50 per cent stake in Swedish cable TV company Sappa to Finnish telecom operator Anvia for an enterprise value (on a 100 per cent basis) of SEK 135 million (€14m).
Sappa delivers TV channel packages to 350,000 Swedish households through cable and IPTV networks. Sappa was founded as Svensk Program Agentur (SPA) in 1994 through the merger of several different local cable (SMATV) operators. MTG acquired 50 per cent of the business in 1999. The company name was changed to Sappa in 2010.
Anvia has acquired 100 per cent of the outstanding shares in Sappa from MTG (50 per cent) and SPA Holding (50 per cent). Anvia is Finland’s fourth largest telecom operator and offers quadruple play services.
“We have been a proud partner in Sappa for over fifteen years, during which the company has gone from strength to strength. The TV distribution market has changed substantially during this time and we are focused on the provision of entertainment rather than the development of network infrastructure. The business is well established and a good fit for its new owner, so we wish the Sappa team continued success in the future.”