Telemach Slovenia, owned by European telecom and pay-TV operator United Group, plans to acquire local telecommunications company T-2, Telemach Slovenia said on Wednesday.
Telemach Slovenia said it has agreed to acquire a stake of at least a 98.06% in T-2 from local company Garnol, owned by entrepreneur Jurij Krc.
After completing due diligence, the two companies plan to sign a purchase agreement for T-2 and obtain the necessary approvals from regulators, Telemach Slovenia said.
The acquisition would provide Telemach Slovenia with a wider network and enable it to invest more effectively in technologies, products and user experience, it noted.
Tomislav Cizmic, CEO of Telemach Slovenia, said the merger will help expand investments in telecommunications infrastructure, content diversity, advanced technologies, and innovative products and services, improving user satisfaction.
T-2, founded in 2004, offers fixed internet, mobile telephony and television. Earlier this month, the Ljubljana District Court launched insolvency proceedings for Gratel, another company owned by Krc, which controls a 1.68% stake in T-2.