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Shearman & Sterling Advises Tele2 on Its Proposed $3.3 Billion Merger With Com Hem

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Shearman & Sterling is advising Tele2 on the U.S. aspects of its proposed approximately $3.3 billion merger with Com Hem.

Under the terms of the merger, Com Hem will be merged into Tele2, and each Com Hem share will be converted into the right to receive 1.0374 Class B shares of the surviving company and SEK 37.02 in cash (approximately $4.35). As a result of the merger, Tele2’s shareholders will own approximately 73% of the issued share capital of the surviving company. The merger consideration offered to shareholders of Com Hem is approximately SEK 27 billion ($3.3 billion). This transaction is subject to the satisfaction of a number of closing conditions, including, among others, the approval of the merger by the shareholders of Tele2 and Com Hem, respectively, the effectiveness of a registration statement on Form F-4 to be filed by Tele2 with the U.S. Securities and Exchange Commission to register the shares to be issued in the merger, and the receipt of the requisite regulatory approvals.

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