Nov. 29 (Bloomberg) -- TeliaSonera AB, Sweden’s largest telephone company, is set to get more than $500 million by selling a quarter of its Kazakhstan wireless unit in an initial public offering.
TeliaSonera seeks $10.50 to $13 for each share in the Kcell unit, according to a statement today from the Stockholm-based company. The IPO would value Kcell at $2.1 billion to $2.6 billion and reduce TeliaSonera’s stake to 61.9 percent from 86.9 percent. Trading is set to start Dec. 12.
The Nordic operator is selling stakes in emerging-markets ventures to gain funds, while retaining holdings in them to benefit from growth that’s faster than in more mature markets such as Sweden and Finland. OAO MegaFon, the carrier’s Russian affiliate, began trading yesterday after TeliaSonera reduced its stake to 29 percent through an IPO.
Shares of TeliaSonera, which has cut jobs and trimmed expenses in Sweden and Finland, rose 0.6 percent to 44.29 kronor at 9:11 a.m. Stockholm time. The stock had dropped 5.9 percent this year through yesterday, valuing the company at 191 billion kronor ($29 billion).
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