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Iliad Group Agrees To Acquire Nearly 20% Of Tele2 Share Capital; Spreads Muted

COMMUNICATIONS
  • Iliad Group, through Freya Investissement (jointly owned with NJJ Holding), has agreed to acquire ~19.8% of Tele2's share capital from Kinnevik AB for about SEK 13bn (EUR ~1.2bn), becoming Tele2's reference shareholder.
  • The acquisition includes both Class A and Class B Freya shares at a weighted average price of SEK 94.2, aimed at supporting Tele2's growth and innovation in the telecom sector.
  • While they will become Tele2’s reference shareholder, Freya will have <30% of the Tele2 voting rights due to the contemplated conversion of Class A shares into Class B.
  • The transaction is structured in three tranches, with the first tranche being for 4.5% of Tele2's share capital immediately following the signing along with an 18.8% tranche Q2 contingent on receiving FDI approval and a final tranche in Q3 for remaining shares held by Kinnevik contingent on antitrust approval if applicable.
  • Up to EUR 500mn of the transaction will be financed by iliad holding and the remaining €650 million by NJJ Holding and Freya with no impact on iliad Group leverage and a 0.14x impact on iliad Holding’s leverage.
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