Kvale has acted as Norwegian counsel to Telia alongside financial advisor Goldman Sachs, Finnish lawfirm Roschier, EY and Altman Solon in it’s sale of a 49 percent stake in Telia’s tower business in Finland and Norway to well known infrastructure investor Brookfield and pension provider Alecta.
The deal reflects an enterprise value of the Finnish and Norwegian tower business of approximately EUR 1.5 billion and total cash proceeds to Telia equal EUR 722 million for the 49 percent stake.
Telia Company has the largest tower infrastructure footprint in the Nordics and the Baltics, with approximately 25,000 towers and rooftop sites. The transaction includes 4 700 towers with a total revenue in 2020 of EUR 88 million and EBITDA of EUR 56 million (pre IFRS 16).
The transaction is subject to customary regulatory approvals and closing is expected to take place in the fourth quarter of 2021.
See further details in Telia Company's press release: https://www.teliacompany.com/en/news/press-releases/2021/6/telia-company-reaches-agreement-to-sell-part-of-its-tower-business-in-norway-and-finland-to-brookfield-and-alecta/