The unit will halve in size from 800 to 400 people; the group will also write off $640 million of investment and take a $370 million restructuring charge. As well as trimming its international customer base, Telia will shut many of its foreign offices.
Telia’s move is welcome; the competition is too intense for the partially privatized company to make money on bulk international services. This move should help leave Telia in better shape for its impending merger with Finnish carrier Sonera.
