Eurobites: Telia revenues remain flat as it expands 5G coverage

Telia – a Stockholm-headquartered Nordic operator – has published its Q2 results, reporting a 2.2% growth in revenues on a like-for-like basis, to 23.2 billion Swedish crowns (US$2.3 billion). Adjusted EBITDA remained flat on a like-for-like basis at SEK7.8 billion ($760 million) for the telco, which is active in Sweden, Denmark, Norway, Finland, Estonia and Lithuania. It also took the opportunity to highlight its 5G coverage surpassed 90% in Norway, while reaching over 99% of the Lithuanian population, having replaced Huawei equipment in the Baltic country with Ericsson.

The Norwegian operator Telenor, active in other Nordic countries and several Asian markets, has also posted its Q2 results, reporting a 3% organic increase in total revenues to 20.2 billion Norwegian crowns ($2 billion). EBITDA (earnings before interest, taxes, depreciation and amortization) before other items rose 4% to 8.8 billion Norwegian crowns ($885 million), narrowly surpassing analyst expectations. Its free cash flow reached negative NOK200 million (US$20 million) because of a NOK1.7 billion (US$171 million) payment due to legal disputes in Bangladesh. EBITDA before other items and after lease depreciation rose 20% in organic terms to NOK426 million ($43 million)

Liberty Global has increased its stake in Belgian Internet provider Telenet to 93.25% during the initial phase of its public and voluntary takeover bid. It will pay €21 ($23.52) for each of the 34,676,001 shares it agreed to buy, after deducting a €1 ($1.12) gross dividend, taking the total it controls to 101,018,038. Liberty has missed the 95% target it had set for the transaction, but has waived the condition. Owning 95% of Telenet would, as Belgian newspaper L'Écho reports, potentially allow it to merge Telenet with its Dutch subsidiary Ziggo. Remaining minority shareholders have time to reconsider as the offer will be open once more between August 24 and September 13.

The UK's Competition and Markets Authority has provisionally cleared chipmaker Broadcom's acquisition of cloud company VMware. It has opened a consultation on the decision, which will close on August 9, with a final decision due on September 12. The EU already gave the deal its blessing earlier this month – after some concessions on Broadcom's part – while the US Federal Trade Commission's probe is still ongoing. See also: EU okays $61B VMware purchase after Broadcom concessions.

In other UK regulatory news, Ofcom wants to protect customers with British phone numbers from a nasty post-holiday surprise in the form of unexpected roaming surcharges. Under new rules proposed by the regulator, operators would have to send alerts informing customers of any applicable charges. Before the UK left the EU, operators were bound not to impose any extra fees under the "roam like at home" rules, but many have since re-introduced roaming charges. Ofcom says 19% of holidaymakers remain unaware.

VEON has decided to trim its management team, leaving its group executive committee with three members. Group head of portfolio management Dmitry Shvets, group chief people officer Michael Schulz and group chief corporate affairs officer Matthieu Galvani will all be stepping down on October 1 and join VEON's operating company boards. The company says this is part of its plan to transition to a more distributed decision-making process and make its subsidiaries more self-sufficient. VEON owns telcos operating in Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine and Uzbekistan, and is currently in the process of leaving the Russian market.