STOCKHOLM, Sweden, April 23, 2003 (PRIMEZONE) -- EQT Northern Europe private equity fund has signed an agreement with TeliaSonera (LSE:TLSN) (Nasdaq:TLSN) to acquire Sweden's leading cable TV operator Com Hem for SEK 2,150 million. The acquisition is subject to regulatory approval.
Com Hem is the largest cable TV operator in Sweden and provides cable TV to 1.4 million households with its basic tier TV offering. The company also offers approximately 70 pay TV and pay-per-view channels in a network which is 90% upgraded to enable digital TV transmission. Through recent investments in the cable network, Com Hem offers more than 500,000 households broadband internet access. As of December 2002, Com Hem had 72,000 broadband subscribers.
Com Hem had net sales of SEK 1,071 million in 2002. With headquarters in Stockholm, the company has approximately 250 employees.
"Com Hem is the market leader in an attractive sector. Through a leading technology and a strong product offering in both cable TV and broadband internet, the company has an excellent opportunity to significantly grow revenues. Our intention is to continue the development of the cable TV offering, invest and grow the broadband internet segment as well as offer new products and services", says Thomas von Koch, Partner at EQT Partners, the investment advisor to the EQT funds.
From EQT Scandinavia I's previous ownership of StjarnTV, a leading Swedish cable TV operator that was divested from EQT Scandinavia I to UPC in 1999, EQT has gained significant experience from the Swedish cable industry. Accordingly, EQT believes that it is well suited as an active owner supporting the management of Com Hem in developing and growing Com Hem.
Bengt Halse, CEO of Saab, will be appointed Chairman of the Board of Directors of Com Hem.
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