April 2, 2013 / 7:16 AM / in 5 years

UPDATE 1-TeliaSonera abandons sale of Spain's Yoigo

* Says found no offer matching future value of Yoigo

* Says Yoigo has great potential

STOCKHOLM, April 2 (Reuters) - Nordic telecom operator TeliaSonera said on Tuesday it was abandoning efforts to sell Yoigo after failing to find an buyer willing to pay an acceptable price for the Spanish operator.

TeliaSonera began a process to sell its 76.6 percent stake in Yoigo last year, hoping it could fetch about 1 billion euros ($1.28 billion), sources told Reuters at the time.

“Yoigo has great potential for further development, but as its market strategy does not quite match our other operations, we have been prepared to divest it if we were offered a price which fully reflects its future potential,” TeliaSonera Chief Executive Per-Arne Blomquist said.

“As this requirement has not been met, we have discontinued the sales process and look forward to continue developing the company.”

TeliaSonera said Yoigo’s net sales grew 12.5 percent in local currency to the equivalent of 8.4 billion Swedish crowns in 2012 while earnings before interest, tax, amortisation and depreciation at the unit rose 49.3 percent to 627 million. ($1 = 0.7784 euros) (Reporting by Niklas Pollard; Editing by Alistair Scrutton)

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