Mergers and Acquistions News
Categories: Telecoms, Software
July 22nd 2011, 17:39PM
Swedish telecommunications firm Tele2 has announced that it would buy mobile operator Network Norway in a bid to increase its presence in Scandinavia.
Tele 2, which currently focuses its operations in the Nordic region and Russia, has agreed a deal with Network Norway's three largest shareholders to purchase 66 per cent of the firm for 890 Swedish crowns million (£85.2 million) in cash.
The Swedish company will then launch an offer for all of Network Norway's remaining shares, with the deal valuing the Norwegian company at 1.7 billion crowns (£164 million).
"The acquisition of Network Norway will make Tele2 the clear number three mobile operator in the Norwegian telecom market with more than one million customers and gives us the operational leverage that we need to complete Norway's third mobile network," Thomas Ekman, Tele 2's market area director for the Nordic region.
Network Norway, which had 485,000 subscribers at the end of 2010, posted revenues of 2 billion Swedish crowns in 2010. 
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