Aspo's subsidiary Telko to divest Belarusian operations
Aspo Group's subsidiary Telko has signed a binding agreement to sell its Belarusian subsidiary's share capital to a member of the current management. The divestment is part of a strategic market exit.
Aspo Group announced that its subsidiary Telko has signed a binding framework agreement to divest its Belarusian subsidiary, FLLC Telko. The buyer is an individual belonging to the subsidiary's current management, and the transaction is set at a nominal price.
Rights to Telko's name and trademarks are not included in the sale. This divestment follows Telko's earlier announcement in October regarding the sale of its Russian operations.
The transaction requires approval from local authorities. Aspo estimates the divestment will result in an expense of approximately EUR 0.6 million in the fourth quarter of 2022. This includes a write-down of net assets, impairment of goodwill, and transaction costs. Additionally, an expense of approximately EUR 1.0 million is expected due to translation differences based on the current Belarusian ruble exchange rate.
Aspo stated that the transaction will not impact its previously indicated comparable operating profit level for the current year. The figures are preliminary estimates and subject to changes, including currency exchange rates. Telko's Belarusian business has been classified as held for sale since the signing of the framework agreement.