Telenor Acquires 50 Per Cent of Telenordia
Telenor acquires 50 per cent of Telenordia Telenor and BT have entered into an agreement to acquire TeleDanmarks shares in Telenordia. Telenordia is Swedens fourth largest telecom operator with more than 300,000 customers. Telenors part of the acquisition amounts to approximately NOK 1.24 billion. Following completion of this transaction, Telenor will own 50 per cent of Telenordia. Telenor and BT will acquire 50 per cent each of TeleDanmarks 33.33 per cent stake. This means that Telenor and BT will each own 50 per cent of Telenordia. Telenordia, which commenced business operations in 1995, is today the fourth largest telecom operator in Sweden with more than 400,000 customers in the field of fixed line, data and Internet for the business market and public sector. The company had a turnover of more than SEK 1.5 billion in 1999. Growth prospective "During the past five years, Telenordia has expanded to become the fourth-largest telecommunications operator and the third-largest fixed line operator in Sweden. This is an exceptional achievement. Telenordia has become a well recognized brand in Sweden and has shown a strong growth potential within its existing business areas," said Telenors CEO Tormod Hermansen. "We are excited to have increased our share in Telenordia to 50 per cent. Combined with our strong position in Norway and Denmark, this investment strengthens our position as one of the leading telecom companies in Scandinavia," Hermansen added. The ongoing progress "Telenordia is very pleased to start the new development of the company with a strengthened and clarified ownership," said Managing Director for the company, Erik Heilborn.
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