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News | 03/23/2005 5:00 am EST

TIW sells Czech and Romanian cellular companies to Vodafone
Telesystem International Wireless Inc. (TIW) has inked an agreement to sell its Romanian and Czech Republic wireless operators to Vodafone Group plc for approximately US$3.5 billion plus an estimated US$950 million in debt. The deal is worth US$16 per share, representing a 21.3% premium over TIW’s three-month average share price and a premium of 43% over the company’s share price as of Dec. 31, 2004.

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