After more than 40 years of operation, DTVE is closing its doors and our website will no longer be updated daily. Thank you for all of your support.
Teo takes control of Omnitel
Lithuanian telecom operator Teo has acquired 100% control of mobile operator Omnitel from TeliaSonera, the parent of both companies.
Teo and Omnitel are launching a new joint telecommunications business in Lithuania.
Teo acquired the shares in Omnitel for €220 million on a cash and debt free basis. SEB Bank and Danske Bank provided Teo with a loan of €150 million in equal instalments of €75 million. The structure of the shareholders of Teo will remain unchanged. TeliaSonera will continue to own 88.15%, while other shareholders will hold 11.85% of Teo and, indirectly, of Omnitel.
TeliaSonera revealed that it planned to combine the two companies last October to address the demand for converged fixed and mobile offerings. The company named a new combined management team for its Lithuanian unit in December.