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Tele2/Com Hem merger gets European Commission approval

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Tele2/Com Hem merger gets European Commission approval

The European Commission has unconditionally approved the merger of Swedish telecom operator Tele2 AB (publ) and cable player Com Hem.

The commission in a news release said "the transaction would raise no competition concerns as the companies' activities and assets are largely complementary."

The deal is expected to close Nov. 5 when the Swedish Companies Registration Office registers the merger and Com Hem is dissolved, according to a news release by Tele2 dated Oct. 8.

Last day of trading in the Com Hem share on Nasdaq Stockholm, according to a preliminary timetable, will be on Nov. 1.

Under the merger agreement, Com Hem's shareholders will receive as merger consideration 37.02 Swedish kronor in cash plus 1.0374x B shares in Tele2 for each share in Com Hem outstanding upon deal completion.

The two companies announced in January that Tele2 will absorb Com Hem as part of the companies' agreement on a statutory merger.

As of Oct. 5, US$1 was equivalent to 9.07 Swedish kronor.