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Tele2: to merge with Swedish rival Com Hem

( - Swedish telecoms operator Tele2 has reached an agreement to merge with smaller rival Com Hem, with the deal being implemented by Tele2 absorbing Com Hem, the companies said on Wednesday.

"The combination of Tele2 and Com Hem is a natural next step for both companies and will create a leading integrated connectivity provider in the Swedish telecommunications market," they said.

The enlarged Tele2 will become the second largest mobile telephony and fixed broadband provider in Sweden, behind Telia.

The transaction is expected to create value for stakeholders with total annual opex, capex and revenue synergies estimated at around 900 million Swedish kronor (about 90 million euros) within five years, they added.

Under the terms of the deal, Com Hem's shareholders will receive 37.02 Swedish kronor in cash plus 1.0374x new B shares of Tele2 for each share they own, representing an approximate 26.9% stake in the enlarged Tele2 and a total cash consideration of 6.6 billion Swedish kronor (around 670 million euros).

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