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Industry: Email Alert RSS FeedYahoo! sells back stake in Zed portal.(News)
RCR Wireless News, January, 2004
Internet portal Yahoo! dropped its stake in TeliaSonera's Zed wireless data portal, but said it will continue to offer co-branded services with Zed across Europe.
Yahoo! purchased a 15-percent equity interest in Sonera Zed Ltd. in 2002 with an option to acquire the remaining interests. However, Yahoo! decided to withdraw from the transaction and will sell its stake back to TeliaSonera for the same purchase amount. Terms of the deal were not disclosed.
"We will continue to source another investor for Zed, which is not included in TeliaSonera's core operations,'' said Kim Ignatius, TeliaSonera's chief financial officer. "Zed has demonstrated strong growth recently with a positive EBITDA and nearly doubled sales in 2003, which makes it a very...
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