Swedish telco Tele2 announced it expects to complete its US$141.3m takeover of Norwegian mobile operator Network Norway on 3 October, after acquiring more than 99% of its shares.
The group unveiled plans on 22 July to pay in cash for the shares and…
Swedish telco Tele2 announced it expects to complete its US$141.3m takeover of Norwegian mobile operator Network Norway on 3 October, after acquiring more than 99% of its shares.
The group unveiled plans on 22 July to pay in cash for the shares and warrants held by Network Norway’s three largest shareholders: Orkla, Hafslund Venture II and Katalysator Telekom.
Together these three companies represented 66.65% of Network Norway’s outstanding shares, 75.01% of the company’s outstanding warrants and 67.76% of its fully diluted share capital, including warrants and options.
At the time, Tele2 stated it will in due course make an offer to all remaining shareholders in Network Norway on the same economic terms.
Network Norway is Tele2’s 50/50 JV partner in local mobile operator Mobile Norway.
Announcing the takeover plans in July, Thomas Ekman, Tele2’s market area director (Nordic), said: “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.
“We have had a good partnership with Network Norway through our joint venture Mobile Norway. With this acquisition, Tele2 will be able to take the leading price position and truly challenge the duopoly of the Norwegian market by delivering the best deal to all mobile customers in the country.”
Morgan Stanley financially advised Tele2, with Kvale acting as legal adviser.
