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Nov 10, 2017 11:37 EEST
November 9 (SeeNews) - Slovenia's Telekom Slovenije said it has sold its 45% share in Macedonian peer one.Vip for 120 million euro ($139.6 million) to Telekom Austria.
With this transaction, Telekom Slovenije has withdrawn in full from the ownership structure of the Skopje-based telecommunications company, while Telekom Austria has become the sole owner, the Slovenian company said in a filing to the Ljubljana bourse late on Thursday.
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In October 2014, a member of the Telekom Slovenije group, ONE DOOEL Skopje, signed a merger agreement with VIP OPERATOR DOOEL Skopje, a member of the Telekom Austria Group.
A year later, Telekom Slovenije and Telekom Austria received approval from the Macedonian competition authority to merge those companies into one.Vip DOO Skopje. At that time, Telekom Slovenije had a 45% share in one.Vip and Telekom Austria Group owned a stake of 55%.
The agreement also included a call and put option for Telekom Slovenije, which could be called in three years following the conclusion of the merger. Telekom Austria exercised its call option, hence squeezing Telekom Slovenije out of one.Vip.
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