June 10 (SeeNews) - Private equity fund Cinven said on Wednesday an addendum submitted to its offer for a 72.75% stake in Telekom Slovenije [LJE:TLSG] is only aimed to address the delays in the antitrust approval processes and completions of the Debitel acquisition and Macedonian operations merger and to give higher certainty of completion to the transaction.
Since submitting its best and final offer for the acquisition of Telekom Slovenije on May 22, Cinven said in a statement it was informed on June 1 by the state holding firm SDH - which coordinates the sale of the Telekom Slovenije stake, and its advisors of further unexpected delays in the antitrust approval processes and completions of the Debitel acquisition and Macedonian operations merger by Telekom Slovenije.
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Following discussions with SDH and its advisors in the last week, Cinven said it submitted on Tuesday an addendum to its offer to deal with this new development.
"While competition clearance is not in its control, Cinven has received strong assurances from SDH and Telekom Slovenije that these two transactions will close on the terms agreed. On that basis, the addendum does not alter the economic terms of the transaction, which have already been estimated as appropriate and economically justified by SDH and the Government of the Republic of Slovenia," the statement said.
SDH is expected to take a decision on the sale of the telco stake to Cinven later on Wednesday.
The private equity fund has indicated that after June 10, due to constraints of its financing providers, it cannot commit to stand behind its offer.
Cinven, set up in 1977, has offices in Guernsey, London, Frankfurt, Paris, Milan, Luxembourg and Hong Kong.