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Becoming more Swedish over time

  • 21 Jul 16

The Q2 release has confirmed the weak guidance given by the group at the begining of the year (while revenues should grow slightly by 2%, EBITDA should be between SEK4.6bn and SEK5bn vs SEK5.75bn in 2015 due to the roll-out and commercialisation of Tele2’s 4G network in the Netherlands). Q2 revenues, as expected, have grown by 1% yoy while EBITDA was down by 21%, primarily impacted by costs associated with the commercial push in the Netherlands following the 4G LTE network launch, but also by Sweden’s non-recurring items as well as declines in the fixed operations. The most important news in the quarter was indeed the announcement of the acquisition of TDC, one of the strongest B2B service providers in Sweden. On 21 June, Tele2 announced that it had signed a contract to acquire 100% of TDC Sweden for SEK2.9bn on a debt free basis. The transaction is subject to approval by the regulatory authorities, which is expected in Q4. TDC Sweden is a provider of B2B services in Sweden, serving both the public sector and many Swedish blue-chip customers with their entire end-to-end connectivity and communication needs. TDC Sweden has a strong position in attractive product segments, and a solid track record of profitable growth, delivering net sales in 2015 of SEK3.4bn and an EBITDA of SEK0.4bn. The operations had 809 full-time employees at the end of 2015. Tele2 estimates the annualised run rate for opex and capex synergies should amount to c.SEK300m, with additional one-off capex synergies estimated at SEK200m. Positive effects of cross-selling are also expected. Preliminary estimates for the integration costs and other one-off costs required to achieve synergies amount to c.SEK750m.