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Croatian telco Vipnet acquires 95.43% stake in peer Metronet

Croatian telco Vipnet acquires 95.43% stake in peer Metronet hin255/Shutterstock.com

ZAGREB (Croatia), February 16 (SeeNews) - Croatian telco Vipnet, a unit of Telekom Austria Group, has acquired a 95.43% stake in local alternative telecommunications operator Metronet Telekomunikacije, Metronet said on Thursday.

Vipnet is the new owner of a total of 2,149,544 shares in Metronet following the completion of the acquisitions process on February 15, Metronet said in a Zagreb bourse filing.

In December, Vipnet said it has signed a deal to purchase a controlling stake in Metronet Telekomunikacije. The parties to the deal said at the time they expect the sale process to be finished by the end of the first quarter of 2017.

The acquisition was approved by Croatia's anti-trust regulator, AZTN, last month.

According to bourse data, prior to Vipnet's acquisition, Metronet's largest shareholders were brokerage HITA with a 39.25% stake, Addiko Bank, former Hypo Bank, with 24.05%, and Zagreb-based insurer Croatia Osiguranje with 10.54%.

Metronet, founded in 2005, said in September 2015 it would start seeking an advisor for a possible sale of equity.

In 2014, Metronet successfully completed a pre-bankruptcy settlement procedure, obliging to list its shares on the Zagreb Stock Exchange.

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