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Danish telecom operator TDC sells Swedish subsidiary for 350 mln USD

Xinhua, June 22, 2016 Adjust font size:

Denmark's leading telecom operator TDC has agreed to sell its Swedish subsidiary TDC Sweden to Tele2 for approximately 2.3 billion Danish kroner (about 350 million U.S. dollars), it announced here Tuesday.

Tele2, a Stockholm-based telecommunication company, will take over the local customers and infrastructure in the Swedish market alongside over 800 employees, TDC said in a statement.

The sale was the result of TDC's strategic review of its Swedish operations carried out in the first quarter of this year. TDC expects that the divestment will generate a gain of around 800 million kroner after tax.

"With the sale to Tele2, we have found a good long-term owner who will achieve considerable synergies and will therefore be able to invest in further development of the business," said Pernille Erenbjerg, CEO and president of TDC Group.

"It has been important for us to land a deal with Tele2, so all customers can continue with their existing contracts without any worries," Erenbjerg added.

According to TDC, the deal is subject to approval from the European Commission and is expected to take place in the fourth quarter of 2016.

Headquartered in Copenhagen, TDC is the largest telecommunication company in Denmark with some 8.5 million customer relations within telephony, broadband, and television. Tele2 is a major European telecom operator, with about 16 million customers in nine countries. Endit