Telia completes tower business stake sale
June 1, 2022
Nordic multiplay telco Telia Company has completed the divestment of 49 per cent of its tower business in Sweden, to Brookfield and Alecta, as all regulatory approvals have been received.
On January 27th, 2022, Telia announced the sale of 49 per cent of its tower business in Sweden to Brookfield and Alecta at a price corresponding to an enterprise value (EV) for 100 per cent of SEK 11,224 million (€530m) on a cash and debt free basis. The valuation of the Swedish tower business equals 28.2x normalised EBITDA 2021.
“We are delivering on our strategy to both develop and crystalise the value of our digital infrastructure, and I am delighted that we have Brookfield and Alecta as our Tower partners in Norway, Finland and now in Sweden,” commented Allison Kirkby, Telia Company President and CEO. “Having created the Nordic region’s leading Tower company with an EV of €2.6 billion, we aim to be an even stronger foundation to the continued digitalisation of the Nordics.”
With the completion of the transaction of the minority stake in the Swedish tower business, and the previous completion of the sale of 49 per cent of Telia’s Norwegian and Finnish tower business to Brookfield and Alecta, as announced on December 29th, 2021, the tower assets are placed in Telia Towers AB which is 51 per cent owned by Telia with the remaining 49 per cent owned by Brookfield and Alecta.