Freya Deepens Tele2 Stake, Aligning Economic Power With Voting Rights

PARIS, France – February 06, 2026 – Freya Investissement, the influential investment vehicle controlled by French telecom magnate Xavier Niel, today announced a significant strategic maneuver to solidify its position within Swedish telecom giant Tele2 AB. The firm plans to increase its economic ownership from approximately 19% to match its existing 27% share of voting rights, a move that underscores a deep, long-term commitment to the company's future.

The alignment will be achieved over the next few months through a series of complex financial transactions, notably including the use of swap arrangements. In its official statement, Freya clarified that these operations are not intended to materially alter the voting control it already wields but are designed to fully align its financial interests with its substantial decision-making power. This move is being closely watched by the market as a powerful vote of confidence in Tele2's trajectory and a potential precursor to more active shareholder engagement.

A Strategic Consolidation of Power

Freya Investissement, jointly owned by Niel's iliad and NJJ Holding, is no ordinary investor. It serves as the strategic arm for one of Europe's most prominent and disruptive telecom entrepreneurs. Xavier Niel has built a formidable empire by challenging incumbent operators with innovative, low-cost services, a philosophy that has defined his ventures in France (Free), Italy (iliad), and Poland (Play).

The firm became Tele2's "reference shareholder" in February 2024 after acquiring the entire stake of long-time investor Kinnevik AB for a hefty SEK 13.0 billion (€1.16 billion). That deal was meticulously structured to give Freya significant influence while navigating Sweden's strict takeover regulations. By carefully managing different share classes, Freya secured its powerful voting position while keeping its voting interest just below the 30% threshold that would trigger a mandatory public offer for all remaining shares.

Today's announcement represents the next chapter in that strategy. By increasing its economic exposure to 27%, Freya is effectively putting its money where its vote is. This move eliminates any potential disconnect between voting control and financial risk, signaling to the market that its interests are now fully intertwined with the performance and success of Tele2. It transforms Freya from a shareholder with outsized voting power into a fully committed economic partner, solidifying its role as the central pillar in Tele2's ownership structure.

The Mechanics of Financial Influence

Central to Freya's strategy is the use of "swap arrangements." For the broader market, this term can seem opaque, but it refers to a common and sophisticated tool used by institutional investors. These instruments, often structured as equity swaps or Total Return Swaps (TRS), are derivative contracts that allow an investor to gain the economic benefits of owning a stock—including dividends and any changes in share price—without necessarily purchasing the shares directly on the open market.

There are several reasons for employing such a strategy. Swaps can offer greater capital efficiency, allowing an investor to gain the desired economic exposure with less upfront cash than a direct purchase. They also provide flexibility and can be tailored to specific financial and regulatory objectives. In this case, the use of swaps allows Freya to methodically increase its economic stake over several months, a process that provides stability and avoids sudden market shocks.

This approach also operates within a complex regulatory framework. Both the Swedish Financial Supervisory Authority (Finansinspektionen) and EU-wide regulations like the Market Abuse Regulation (MAR) and MiFID II mandate transparency for significant holdings, including those held through derivatives. Freya's public announcement and its stated intention to align economic and voting rights—rather than obscure them—suggest a move made in full consideration of these rules. By bringing its economic interest up to its voting level, Freya is arguably increasing transparency, making its already powerful position clearer and more direct for all stakeholders to see.

Implications for Tele2's Future

With its largest shareholder doubling down on its investment, the implications for Tele2 are profound. Having a committed, long-term backer with deep industry expertise is often seen as a significant asset. Xavier Niel's track record across Europe is one of fostering innovation, driving operational efficiency, and aggressively competing on price and service—hallmarks that could influence Tele2's strategic direction in the highly competitive Nordic and Baltic telecom markets.

This deepened commitment could empower Tele2's management to pursue more ambitious long-term projects, from next-generation 5G network rollouts to innovations in service convergence, backed by the assurance of a stable and supportive reference shareholder. Analysts will be watching for signs of Freya's influence on Tele2's investment decisions, operational strategies, and its competitive posture against rivals.

The market's reaction to Freya's initial entry in 2024 was positive, with Tele2's stock seeing a significant premium. This latest announcement is likely to reinforce that confidence. It signals that Freya, after a year of being the primary shareholder, sees significant untapped value and long-term potential in Tele2's business. As the series of transactions unfolds in the coming months, investors and industry observers will be scrutinizing every disclosure for further insight into the evolving relationship between the French billionaire's investment powerhouse and one of Sweden's most important telecommunications companies. The move solidifies Freya’s role not just as a shareholder, but as a core strategic partner in shaping Tele2’s path forward.