Telemach Slovenija has agreed to acquire rival, T-2, and resolve its debt; a move that, pending regulatory approval, will reshape the Slovenian telecommunications market.
Telemach Slovenija, a subsidiary of the Netherlands-based United Group, will initially acquire a 24.9% stake in T-2, with plans to increase its share to at least 98.06% following regulatory clearance
The company first announced its intention to acquire T-2 in mid-June and committed to ensuring T-2 met its financial obligations, including those to Slovenian Sovereign Holding (SSH). SSH had sought receivership for T-2 in April, but legal proceedings were postponed as negotiations for a debt settlement commenced.
SSH, Telemach Slovenija, and T-2 announced a EUR 90 million debt settlement agreement, with SSH set to receive EUR 37 million immediately and the remaining EUR 53 million, plus interest, by July 31, 2027. This settlement concludes negotiations and debt recovery efforts that began in early 2023, following SSH’s takeover of claims and assets from Slovenia’s now-defunct bad bank.
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Stabilizing Development and Expansion
In a statement from United Group, Telemach Slovenia CEO, Tomislav Čizmić, stated, “Today’s agreement ensures a competitive future for T-2, which was compromised due to the threat of bankruptcy. This acquisition strengthens our capacities for further investment in the most modern mobile and fixed telecommunications infrastructure, advanced technologies, and innovative products and services.”
The acquisition will allow T-2 to “continue its stable development” while investing in new technologies and products to improve user experience. United Group also noted that the merger of Telemach and T-2 will strengthen mobile services and fiber networks, expanding 5G coverage.
“We are convinced that industry consolidation is crucial to maintain competitiveness in the Slovenian market and to advance digitalization and connectivity, which will strengthen the Slovenian economy in the long term,” concluded Čizmić.
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