March 4 (SeeNews) - Swedish telecommunications group Tele2 said it has closed the sale of its Croatian business to United Group, a leading multi-play telecommunications and media services provider in Southeast Europe (SEE).
"As communicated on 3 February 2020, Tele2’s Board of Directors intends to distribute the proceeds from the sale of Tele2 Croatia, along with additional cash available after re-levering growth in underlying EBITDAaL, through an extraordinary dividend of SEK 3.50 [$0.37/0.33 euro] per share which will be proposed to Tele2’s Annual General Meeting on 11 May 2020," the Swedish company said in a brief statement on Tuesday.
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Tele2 announced the sale of its Croatian unit to United Group in May, saying its withdrawal from the Adriatic country was in line with its plans to focus on the Baltic region.
In June, United Group said it has agreed to buy Tele2's Croatian business for 220 million euro ($245 million).
In Croatia, a market of around 4.3 million people, Tele2 Croatia competes with the local arm of A1 Telekom Austria Group - A1 Hrvatska, and with the wireless arm of Hrvatski Telekom, controlled by Deutsche Telekom.
(1 euro = 10.5619 Swedish krona)