Modern Times Group (MTG) has completed the sale of its 80% stake in Swedish broadband service provider Zitius to TeliaSonera, after receiving approval from the Swedish Competition Authority.
In a statement, MTG said that Zitius will be deconsolidated from its accounts from the beginning of June and that the deal is expected to generate a net gain of roughly SEK 76 million.
MTG first agreed to sell the Zitius stake in December 2013, claiming that it no longer made strategic sense to own a broadband service provider due to the evolution of the Swedish open access model, where multiple service providers can deliver services to end users over third-party access networks.
At the time, MTG said the deal would value Zitius at SEK380 million (€42 million). MTG acquired Zitius in August 2012 and invested in the expansion of the company’s operations.