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TeliaSonera moves on Teo

Nordic telco TeliaSonera has agreed to acquire a 7.87% stake in Lithuanian telco and digital TV provider Teo from East Capital for €38.9 million.

TeliaSonera said it will also invite all other shareholders to participate in a voluntary takeover bid for the remaining outstanding shares. The telco will launch a public bid for the remaining shares at the same price, which will cost a total €118 million if all shares are tendered, representing a premium of 5.3% on the price of Teo’s share ahead of the announcement.

TeliaSonera will keep Teo listed if a significant number of shares remain outstanding.