Sweden-based Tele2 AB is selling its Croatian business for €220 million to southeastern European operator United Group, according to a May 31 news release.
The disposal is in line with Tele2's strategy to focus on its core markets, including those in the Baltic Sea region.
Tele2's board of directors will consider how to use the proceeds from the transaction.
The transaction is expected to close before the end of 2019, subject to regulatory approvals. Perella Weinberg Partners served as financial adviser to Tele2.