Telia Company AB, a Swedish multinational telecom concern and mobile network operator, has completed the divestment of 49 percent of its tower business in Sweden, to Brookfield Super Core-infrastructure and Alecta, after receiving the required regulatory approvals. In January, Telia announced the sale of its tower business for an enterprise value of $1.1 billion on a cash and debt free basis, or a multiple of 28.2x normalized EBITDA 2021.
Brookfield Super Core-infrastructure Fund, together with Alecta (a pension fund), also purchased 49 percent of Telia’s Norwegian and Finnish tower business on December 29, 2021. Managed by Brookfield Asset Management, the Toronto, Ontario, Canada-based perpetual fund will grow from $6 billion to $10 billion this year, according to Bloomberg Business News. It was launched in 2018, to amass low-risk investments in telecommunications, utilities, renewable energy, and transportation.
“We are delivering on our strategy to both develop and crystallize the value of our digital infrastructure,” Allison Kirkby, Telia Company President and CEO, said. “I am delighted that we have Brookfield and Alecta as our Tower partners in Norway, Finland and now in Sweden. Having created the Nordic region’s leading tower company with an EV of $2.7 billion, we aim to be an even stronger foundation to the continued digitalization of the Nordics.”
With the completion of the transaction of the minority stake in the Swedish tower business and the previous completion of the sale of Telia’s Norwegian and Finnish tower business, the tower assets have been placed in Telia Towers AB, which is 51 percent owned by Telia with the remaining 49 percent owned by Brookfield and Alecta.
By J. Sharpe Smith Inside Towers Technology Editor
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