Tele2 AB has agreed to sell its Croatian business to United Group for an enterprise value of EUR 220 million.
“The transaction provides an opportunity for Tele2 to realize value from the successful development of the Croatian business and to further advance its strategy with a focus on the Baltic Sea region,” reads the statement.
The acquisition is expected to close before the end of 2019 and is subject to regulatory approval.
“We are proud of the business we have built in Croatia and especially its outstanding development in the last two years, driven by our talented employees and our valued customer base. We believe Tele2 Croatia will create even greater value for our customers going forward, as part of United Group’s family of telecom and media companies. For Tele2, this opportunity enables an increased focus on successfully executing our strategy in the remaining footprint. I would like to thank the Croatian team for their engagement and many contributions to Tele2 over the past 14 years,” said Anders Nilsson, President and CEO of Tele2.
