Telia Company has published the official offer document for its 3.11 billion Swedish kronor cash bid for broadband provider Bredband2 i Skandinavien, moving forward with a deal to strengthen its position in its home market.
The Swedish telecom operator said Friday that the acceptance period for its recommended offer will run from Sept. 1 to Oct. 17.
Telia is offering 3.25 Swedish kronor per share, a proposal that Bredband2's board has unanimously recommended to its shareholders.
The company has already secured irrevocable commitments to accept the offer from shareholders representing about 50.2% of Bredband2's shares.
The acquisition is part of a broader strategy by Telia to simplify its operations and concentrate on its core Nordic and Baltic markets, following the recent sale of its TV and Media business and an agreement to exit Latvia.
"The Offer is also in line with Telia's strategy to focus on what we do best – delivering world-class connectivity and communications services on which millions of customers rely every day," Telia President and CEO Patrik Hofbauer said when the deal was first announced in July.
Telia said it plans to maintain the Bredband2 brand, which it sees as a value-focused complement to its own premium offerings.
The deal is conditional on receiving acceptances for more than 90% of Bredband2's shares and obtaining regulatory approvals.
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Telia Company has launched a recommended cash offer to acquire Swedish broadband provider Bredband2 i Skandinavien for approximately 3.11 billion Swedish kronor.