("TeliaSonera: MegaFon To Pay $5.51B Dividend And Seek IPO," at 0516 GMT, misstated the dividend amount in the headline. The correct version follows:)
By Dominic Chopping
Of DOW JONES NEWSWIRES
STOCKHOLM -(Dow Jones)- Swedish telecom operator TeliaSonera AB (TLSN.SK) said Tuesday it has reached agreement with the other shareholders in Russian mobile operator MegaFon, whereby MegaFon will pay a $5.15 billion dividend to its shareholders and seek an initial public offering.
AF Telecom will take majority control of MegaFon, Altimo will exit the company completely and TeliaSonera will reduce its holding but keep a long term strategic stake.
TeliaSonera said it expects to receive SEK22 billion in dividends and proceeds from the divestment of its 8.2% indirect stake in MegaFon, but it will keep 25% plus one share after the IPO.
"By reaching an agreement with the two other partners, whereby MegaFon will pursue an IPO and adopt an agreed dividend policy, we have resolved the ownership disputes and found a way to increase both the liquidity and value of our asset," TeliaSonera Chief Executive Lars Nyberg said in a statement.
Shares closed Monday at SEK41.43.
-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; email@example.com
(END) Dow Jones Newswires
April 24, 2012 01:52 ET (05:52 GMT)
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