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STOCKHOLM (AP) — TeliaSonera AB says it is combining its two Lithuanian subsidiaries as the Swedish-Finnish telecommunications operator strengthens its business in the Nordic and Baltic region.
TeliaSonera says its fixed line operator Teo will acquire mobile operator Omnitel for 220 million euros on a cash and debt free basis and the combination is estimated to generate annual synergies of around 10 million euros when implemented.
Teo board chairman Robert Andersson said Tuesday the combination will "strengthen the market position," adding customers "no longer make a distinction between fixed and mobile services."
Last month, TeliaSonera pulled out of troubled Central Asian markets and said it will focus on core businesses in Europe in a major strategic move.
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