Billionaire Niel to Buy $1.3 Billion Stake in Sweden’s Tele2 (1)

French billionaire Xavier Niel has agreed to take a stake in Swedish telecommunications company Tele2 AB for about 13 billion Swedish kronor ($1.3 billion).

Freya Investissement, an investment vehicle owned by Niel’s Iliad SA and NJJ Holding, will buy an approximately 19.8% stake from Nordic investor Kinnevik, the company said in a statement on Monday.

Niel has been expanding throughout Europe offering telecom services with low consumer prices and lean costs. He expanded France’s Iliad to Italy and Poland, and Niel is also looking to expand in Ukraine and Portugal, and has taken a minority stake in ...