Mon, 07 Jul, 2014 12:37:48 AM FTimes-STT Report, July 7
Private equity firm 3i Group Plc is planning the sale of its Finnish telecommunication business Eltel Networks, according to the Finnish-language business newspaper Kauppalehti.
The Kauppalehti based its knowledge on Bloomberg which reported that 3i Group Plc is planning a sale or initial public offering of Eltel Networks.
3i owns about 60 per cent of Eltel which employs 1,600 people in Finland and a total of about 8,000 people in other Nordic and Baltic countries as well as in Poland.
The company’s annual turnover is around 1 billion euros.
3i acquired Eltel in 2007 and the company is now valued at 1 billion euros.
According to Bloomberg, representatives of 3i and Morgan Stanley declined to comment while spokesmen of Eltel and the banks concerned could not be immediately reached for comment.
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