Nordic telecom operator TeliaSonera said on Monday it launched cash offers to buy out minority shareholders in its Baltic affiliates Eesti Telekom and TEO LT.
TeliaSonera said in a statement it would offer 93 Estonian kroons ($8.51) per share for the 40 percent stake it does not already own in Eesti Telekom in a bid worth 3.33 billion Swedish crowns ($468.4 million).
The Swedish telecom operator said the offer was is in line with its strategy of increasing ownership in core businesses.
The deal would give Eesti Telekom better access to TeliaSonera's know-how, helping the Estonian operator develop new services at lower cost, TeliaSonera Chief Executive Lars Nyberg said.
We also believe that Eesti Telekom would benefit in its future development and investments from TeliaSonera's strong financial position, he said.
The Nordic operator said separately it would offer 1.83 litas ($0.759) per share for the outstanding 40 percent in Lithuanian telecom company TEO LT AB. This offer was worth 1.56 billion Swedish crowns, it added.
(editing by John Stonestreet)