3i to buy Finnish network maintenance firm Eltel

HELSINKI, June 12 Tue Jun 12, 2007 8:57am BST

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HELSINKI, June 12 (Reuters) - Private equity firm 3i (III.L) said on Tuesday it had agreed to buy Finnish electricity and telecommunications network maintenance firm Eltel from Industri Kapital, TeliaSonera (TLSN.ST) (TLS1V.HE) and Eltel management.

The value of the deal was not disclosed and needs regulatory approval, the parties said in separate statements.

At the end of April, Industri Kapital partner Michael Rosenlew told Finnish business magazine Talouselama the company planned to sell its 65 percent Eltel stake before the middle of the year.

Industri Kapital bought Eltel from Finnish venture capital firm CapMan (CPMBV.HE) in 2004 for 190 million euros.

Eltel had 2006 sales of 756 million euros ($1 billion).