Tele2’s re-audit of financial statements for the US filing of merger document for the Com Hem merger completed
Stockholm – A re-audit of Tele2 AB’s (Nasdaq Stockholm: TEL2 A and TEL2 B) financial statements, to be included in the submission of merger documents with the Swedish Financial Supervisory Authority (“SFSA”) and U.S. Securities and Exchange Commission (“SEC”), respectively, has been completed. In connection with the re-audit Tele2 is making certain adjustments to its financial statements for the years ended 31 December 2015-17 and for the first quarter of 2018. Tele2 does not expect the adjustments to have any negative impact on its full-year financial guidance or its potential future shareholder remuneration, and expects the transaction with Com Hem to close in the fourth quarter of 2018.
The re-audit has been performed in compliance with PCAOB standards on Tele2’s previously issued IFRS financial statements, to comply with the SEC’s requirements to effect the statutory merger with Com Hem.
A summary of the new financial statements is available on Tele2’s website at www.tele2.com. There are no changes to the previously reported free cash flow. The effect of the restatements for each of the years 2015, 2016 and 2017, and for the first quarter of 2018, is below SEK 100 million on each of the company’s revenue, adjusted EBITDA and operating profit, and below SEK 100 million on the company’s equity as of 31 March, 2018.
The preparations for the merger will now move into a phase of review of the merger documents by the SFSA and SEC. Once approved, the merger documents will be made public and a date will be announced for each of the Extraordinary General Meetings of Tele2 and Com Hem. Tele2 expects the merger with Com Hem to close in the fourth quarter of 2018.
For more information, please contact:
Joel Ibson, Head of Public Relations, Tele2 AB, Phone: +46 766 26 44 00
Erik Strandin Pers, Head of Investor Relations, Tele2 AB, Phone: +46 733 41 41 88
TELE2’S MISSION IS TO FEARLESSLY LIBERATE PEOPLE TO LIVE A MORE CONNECTED LIFE. We believe the connected life is a better life, and so our aim is to make connectivity increasingly accessible to our customers, no matter where or when they need it. Ever since Jan Stenbeck founded the company in 1993, it has been a tough challenger to the former government monopolies and other established providers. Tele2 offers mobile services, fixed broadband and telephony, data network services, content services and global IoT solutions. Every day our 17 million customers across 8 countries enjoy a fast and wireless experience through our award winning networks. Tele2 has been listed on the NASDAQ OMX Stockholm since 1996. In 2017, Tele2 had net sales of SEK 25 billion and reported an EBITDA of SEK 6.4 billion. For definitions of measures, please see the last pages of the Annual Report 2017. Follow @Tele2group on Twitter for the latest updates.