Com Hem has applied to delist its shares from Nasdaq Stockholm after the European Commission approved Swedish telco Tele2’s takeover of the cable operator.
Com Hem said it expects the Tele2 deal to close on November 5, 2018, after the EC approved the merger unconditionally.
Com Hem’s last day of trading is tentatively expected to be November 1, pending confirmation by Nasdaq, with the admission of the newly issued Tele2 shares on Nasdaq Stockholm expected to follow on November 5.
Tele2 agreed to buy Com Hem in January in a deal that will create a leading integrated connectivity provider in the Baltic Sea region and values Com Hem at some SEK 26.0 billion (€2.65 billion).
Com Hem’s shareholders will receive SEK 37.02 in cash plus 1.0374 B shares in Tele2 for each share in Com Hem outstanding at the completion of the merger.
“As one company, we will be able to offer a portfolio of truly integrated services, with significant benefits for Swedish individuals, households, businesses and our shareholders as a result,” said Com Hem CEO and incoming president and CEO of Tele2, Anders Nilsson.
“My main focus now is our preparations for a rapid and efficient integration, to the benefit of both our employees and customers. Together with the new leadership team, I will also make sure to draw from the strength, knowledge and spirit of both the Tele2 and Com Hem organisations, as well as the Tele2 board of directors.”
Tele2 president and CEO, Allison Kirkby, said: “We are nearing the closing of this merger and my ambition to create a leading integrated connectivity provider in the Baltic Sea region will soon be realised.
“I will leave a Tele2 that is stronger and better positioned to act as an integrated customer champion in an ever more digitalised world. Once the merger is closed, I feel confident that the Tele2 team, including its new colleagues from Com Hem, will continue to challenge the status quo and fearlessly liberate people to live a more connected life.”