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. "The highest priority for Telenordia will now become the mobile market and our development into a complete supplier of telecom products and services for the Swedish customers," said Heilborn. Applying for a UMTS license "Mobile operations are a natural development of the companys business areas," said Managing Director Erik Heilborn. "Telenordia has prepared a UMTS and GSM application. The Swedish mobile market, with its 8.9 million inhabitants and its advanced users, is a very attractive market. The company will deliver a very strong and committed application to the Swedish authorities, backed by two of the worlds leading telecom operators. Both BT and Telenor have leading edge competence within the field of mobile network operations. This will allow Telenordia to be able to quickly build up a UMTS network with some of the most advanced applications, to cover most of Sweden." HSBC has been the financial adviser for Telenor in association with the acquisition. Telenor Group is one of the world's major mobile operators. We keep our customers connected in our markets across Scandinavia and Asia. Our more than 30,000 employees are committed to responsible business conduct and being our customers' favourite partner in digital life. Connecting the world has been Telenor's domain for more than 160 years, and we are driven by a singular vision: to empower societies. Powered by TCPDF (www.tcpdf.org).