Freya Investissement, a special investment vehicle jointly owned by iliad and NJJ Holding, has announced that it has entered into a binding agreement to acquire approximately 19.8% of the share capital of Tele2 AB from Kinnevik AB.

The cash transaction, valued at approximately SEK 13.0 billion (US$ 1.2 billion), involves Freya acquiring a total of 20,733,965 A shares and 116,879,154 B shares from Kinnevik. This represents approximately 19.8% of the share capital of Tele2 at a weighted average price per share of SEK 94.2. The deal, supported unanimously by the boards of directors of iliad, Freya, and Kinnevik, is structured in three tranches.

1. In Tranche 1, Freya acquires 31,329,972 B shares (4.5% of Tele2's share capital).
2. In Tranche 2, Freya adds 14,202,766 A shares and 85,549,182 B shares, bringing the total ownership to approximately 18.8% of Tele2's share capital (28.8% of voting rights).
3. Tranche 3 involves Freya acquiring the remaining shares held by Kinnevik, comprising 6,531,199 A shares, resulting in Freya owning around 19.8% of Tele2's share capital.