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2019-05-23

Tele2 AB: Tele2 och Kazakhtelecom överens om villkoren för Tele2s utträde ur Kazakstan

Stockholm - Tele2 AB ("Tele2") (Nasdaq Stockholm: TEL2 A och TEL2 B)
har idag kommit överens med Kazakhtelecom om priset för bolagets
aktieandel i samriskbolaget mellan Tele2 och Kazakhtelecom
("samriskbolaget"). Nettoersättning till Tele2, efter avdrag för
rådande tilläggsköpeskilling, blir 169 miljoner dollar (cirka 1,6
miljarder kronor). Tele2 kommer därtill erhålla full återbetalning av
sitt aktieägarlån om 80 miljarder kazakstanska tenge (cirka 2,1
miljarder kronor). Transaktionen väntas stängas i slutet av juni.

- Tele2 has built a successful business in Kazakhstan and rolled out a
national network for high-quality voice and data. The JV has
dramatically increased its customer base, revenue, market share and
profitability. Mobile data consumption per customer has doubled since
the creation of the JV and is more than a hundred times higher today
compared to when Tele2 entered the country. Tele2 has enabled a more
connected life and I am proud of the legacy we leave behind in
Kazakhstan", says Anders Nilsson, President and CEO, Tele2.

Key financials
On 28 December 2018, Tele2 gave its notice to exercise put option in
the JV, in which Tele2 owns 49 percent of the economic interest and
51 percent of the votes. The new agreement values the JV at an
enterprise value of USD 800 million, corresponding to a multiple of
7.3 times its underlying EBITDA 2018. Rothschild&Co acted as lead
financial advisor and Goldman Sachs International provided additional
financial advice to Tele2.

The net proceeds to Tele2, after deducting the earn-out liability to
Kauz, the legal successor and parent company of AsiaNet, will be USD
169 million (approximately SEK 1.6 billion). Tele2 will also receive
full repayment of its shareholder loan, amounting to KZT 80 billion
(approximately SEK 2.1 billion). The transaction is expected to close
at the end of June.

The expected financial consideration to Tele2 will reflect a fully
diluted economic equity interest of 31 percent, taking into account
Kauz's 18 percent earn-out, as previously communicated.

Extraordinary shareholder remuneration
As previously announced, Tele2's Board of Directors intends to
remunerate shareholders with the net proceeds received from the sales
of assets in Kazakhstan and the Netherlands while maintaining the
financial leverage target range of 2.5-3.0x. The form and timing of
distribution of the proceeds will be announced at a later date.

Exit report on ethics and compliance
Tele2 is committed to doing business ethically and compliant, and to
providing transparency in its sustainability efforts. As such, Tele2
has issued reports on its compliance efforts in Kazakhstan annually
since entering the country. Today Tele2 publishes the report "Tele2
Kazakhstan - Exit Report on Ethics and Compliance", which covers all
these efforts during the time of the JV in one comprehensive report.
The report is available at the Policies and Reports page under the
Sustainability section of www.tele2.com.

For more information, please contact:
Joel Ibson, Head of Corporate Communications, Phone: +46 766 26 44 00
Erik Strandin Pers, Head of Investor Relations, Phone: +46 733 41 41
88

TELE2'S MISSION IS TO FEARLESSLY LIBERATE PEOPLE TO LIVE A MORE
CONNECTED LIFE. We constantly strive to be the truly integrated
challenger - providing speed, data and video content, no matter where
or when. Ever since Tele2 was founded in 1993, we have continued to
challenge prevailing norms and dusty monopolies. Today, our award
winning networks enable mobile and fixed connectivity, telephony,
data network services, TV, streaming and global IoT solutions for
millions of customers. We drive growth through customer satisfaction
and smart combined offerings. Tele2 has been listed on Nasdaq
Stockholm since 1996. In 2018, Tele2 generated revenue of SEK 30
billion and reported an adjusted EBITDA of SEK 9 billion. For latest
news and definitions of measures, please see our homepage
www.tele2.com

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https://news.cision.com/se/tele2-ab/r/tele2-och-kazakhtelecom-overens-om...
https://mb.cision.com/Main/3372/2823178/1050420.pdf

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