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Eesti Telekom is a holding company registered and operating in the Republic of Estonia, whose subsidiaries provide telecommunications services. Eesti Telekom comprises the largest group of telecommunications and IT companies in Estonia; its main subsidiaries are Elion Ettevõtted AS (Elion Enterprises Ltd) (formerly AS Eesti Telefon), which provides fixed-line voice communications, Internet connections, data communications services, and IT solutions, and AS Eesti Mobiiltelefon (EMT), Estonia's largest mobile operator offering voice, mobile data, and content services. Both companies are wholly-owned by Eesti Telekom.
As a result of an initial public offering (IPO) of shares in early-1999, institutional and private investors purchased 49% of the shares that had previously belonged to the Estonian state. Eesti Telekom became a public company with shares listed on the Tallinn and London Stock Exchanges.
After the IPO, Eesti Telekom went through a period of restructuring, in the course of which Sonera Oyj (formerly Telecom Finland), Telia AB, and Baltic Tele AB, exchanged their holding in Eesti Telefon and EMT for a 49% shareholding in Eesti Telekom. Telia and Sonera subsequently merged to form TeliaSonera AB in December 2002.
In December 2004, TeliaSonera, through its subsidiary Baltic Tele AB, carried out transactions for the acquisition of Eesti Telekom shares from public investors, as a result of which TeliaSonera's holding in Eesti Telekom increased to 50.00004%. When the holding surpassed 50%, TeliaSonera made a bid for all of the shares of Eesti Telekom, as required by the Estonian Securities Market Act.
As of February 14, 2005, the ownership structure of Eesti Telekom was: Baltic Tele (50.00%); Republic of Estonia (27.17%); and, Public investors (22.83%).
In January 2005, Baltic Tele made an offer to the shareholders of Eesti Telekom to acquire all of the shares of Eesti Telekom that it did not already own. As a result of this offer, Baltic Tele's holding in Eesti Telekom increased to 50.255814% on March 7, 2005.
