Advised: Sonera on its acquisition of a 63% stake in Tilts Communications A/S from Cable & Wireless PLC

Sign up for our updates

I would like to receive updates and news relevant to my position and industry.


Deal summary

Sonera, the Finnish telecoms provider acquired Cable & Wireless PLC’s (C&A) 63% shareholding in Tilts Communications for approximately $240 million, raising Sonera's effective shareholding in Lattelekom, the Latvian telecoms provider to 44.1%

  • The transaction was complex, spanning five countries, namely the UK, Finland, Latvia, Denmark, and the US
  • After initial discussions with C&W, ARC Associates undertook a detailed valuation review early in 1998, as well as a market review, financial review and regulatory review on both Lattelekom and Tilts.
  • The acquisition was particularly challenging given the fact that discussions had already commenced between Tilts and the Government of Latvia regarding the regulatory framework for Lattelekom
  • In addition, serious outstanding regulatory and tariff issues complicated the discussions, as did the uncertain market conditions and political environment and the involvement of a multilateral agency shareholder (IFC)

About Sonera

The history of Sonera dates back to 1917, when Suomen Lennätinlaitos (Finnish Telegraph Agency) was founded. In 1927, the telegraph agency was merged with the Finnish Post to form a new agency, Post and Telegraph Agency. This agency governed all long distance and international calls until 1994, when competitors were allowed to enter the Finnish market. In the same year, the Post and Telegraph Agency was divided to form two companies, Suomen Posti Oy (Finnish Post), and Telecom Finland Oy. Telecom Finland then changed its name to Sonera in 1998.

In 2002 Telia, a Swedish telecommunications company merged with Sonera, creating TeliaSonera. The separate brands Telia and Sonera continued to be used in the Swedish and Finnish markets respectively until March 2017 when Sonera was rebranded to Telia.

About Tilts Communications

TILTS Communications A / S is a telecommunications company registered in Denmark and owned by Telia Company. Established in 1993.

The company owns 49% of the capital shares in the Latvian communications company Lattelekom.

  • Deal value


  • Location

    UK, Finland, Latvia, Denmark, USA

  • Sector(s)


  • Deal type


This deal was made by

More deals by AQUAA Partners