TeliaSonera may finally have found a buyer for Sonera Zed Ltd.
The Finnish-Swedish operator announced that it has agreed to sell its wireless data portal to Wisdom Entertainment, a Spanish interactive media group, for $37 million. The acquisition, which is pending approval of the German Competition Authority, is expected to close within four weeks.
TeliaSonera has been looking to spin off Zed, which provides service in Europe, the Philippines and Malaysia, to focus on its pan-Nordic operations. Yahoo! bought a 15-percent stake in the company in 2002 with an option to acquire the remaining interests, but opted out of the deal earlier this year.
Zed substantially cut its global operations in 2001, when it shuttered or sold portal businesses in the United States, Turkey and the Netherlands, and trimmed 130 jobs. The company now counts about 170 employees.
Wisdom Entertainment comprises eight interactive multimedia entertainment companies involved in video game development, computer-animated film production and mobile content development and distribution.
