Slovenians have money for Telekom Srbija - EUR 1.5 billion for 100% stake?

Telekom Slovenije has submitted a non-binding bid for Telekom Srbija and, thus, entered the second round of privatization. According to the web portal Seebiz, it is interesting to see how much money is actually needed to take over the Serbian national telecom operator.
Namely, considering the net debt of Telekom Srbija, Telekom Slovenije should pay about EUR 1.5 billion for the 100% stake, whereas a controlling stake of 50% in the Serbian telecom firm would cost about EUR 743 million.
According to Seebiz, the analysts of iCapital believe that Telekom Slovenije has enough money to take over Telekom Srbija because the ratio of net debt to EBITDA after the consolidation would be between 2.7x and 4.0x.
It is worth mentioning that the revenue of Telekom Srbija grew 2.4% to EUR 1.017 billion in 2014.
This web portal also reminds that the Serbian government rejected Telekom Austria's bid four years ago, when this Austrian telecom firm offered to pay EUR 1.1 billion for a 51% stake in Telekom Srbija.

Telekom Srbija a.d. Beograd

Telekom Slovenije Ljubljana

Telekom Austria AG Wien

Telekom Austria AG Wien

Telekom Austria AG Wien

Vlada Republike Srbije

Telekom Srbija

mts

Telekom Slovenije

iCapital

Telekom Austria

Serbian government