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Slovakian government issues IPO on Slovak Telekom

The government of Slovakia is aiming to offer its 49% holding in incumbent operator Slovak Telekom on the London and Bratislava stock exchanges.

The listing will include a public offer to investors in both Slovakia and the Czech Republic, as well as sales to institutional investors elsewhere. The offering will require regulatory approval, including that of the National Bank of Slovakia.

Slovak Telekom CEO Miroslav Majoros said: “Through significant capital investment, improved efficiency and enhanced capability we now have an integrated offering enabling us to deliver higher value services and premium content through triple and quad-play bundles. The IPO will mark an important next step in our development and bring greater visibility to the value we intend to create.”

The stake is expected to fetch as much as €1 billion for the government. Slovak Telekom has around 2.4 million connections, giving it a market share of 32.6% at the end of the first quarter. The remaining 51% stake is held by Deutsche Telekom, which is not planning to sell.

The economy ministry of Slovakia has confirmed that an IPO was the preferred course of action, although reportedly Deutsche Telekom was offered the chance to buy the minority stake in February last year. The stock exchange listing suggests that it declined the opportunity to do so.

 

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