TeliaSonera has sold its Danish cable subsidiary, Stofa, to a private equity company for 1.1 billion Danish kroner ($187m).
Per-Arne Blomquist, TeliaSonera’s CFO, said the company had decided that Stofa's “operations are not in line with our core strategy in Denmark.”
He said TeliaSonera would recognize a capital gain of more than 500 million kroner on its investment in Stofa, which it acquired in 1995.
The buyer is Ratos, a Danish listed company which invests in the Nordic area.
Stofa, which offers cable TV, broadband and phone services, has around 345,000 subscribers and 500 employees, and owns a network which includes a 2,100km fiber backbone.
Stofa reported sales of approximately 1 billion kroner in 2009 and ebitda of 166 million kroner.
The agreement is subject to the approval of competition regulators and of the TeliaSonera board.
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