Finland’s Solidium sells 4.6% stake in TeliaSonera
Solidium has sold a 4.6% stake in Swedish telecoms company TeliaSonera.
The 200 million shares were sold at $6.11 (51 Swedish crowns) each, below the 52.5 crowns closing price in Stockholm, Sweden.
Due to strong investor demand, the size of the offering was increased to 200 million shares from 175 million shares.
Following the offering, Solidium’s holding in TeliaSonera decreased from 7.8% to 3.2% of the outstanding shares.
Solidium will use the proceeds to repay the maturing €600 million exchangeable bond, to finance equity investments and to continue to improve its financial flexibility, which is also expected to maintain its ability to continue to pay profit distributions.
Carnegie, Citi, Morgan Stanley and Nordea acted as joint bookrunners for the offering.