Telenor supports BTs acquisition of E.ONs (formerly Viag and Veba) 45 per cent stake in German Viag Interkom. At the same time, BT and Telenor have entered into an agreement whereby Telenor may decide to sell its ten per cent stake in Viag Interkom before the end of the year. After this period BT has the right to acquire Telenors shares through a call arrangement, for a period of three months. Telenor has made no decision to sell and BT and Telenor remain important strategic partners.
BT has an option to buy E.ONs 45 per cent stake in Viag Interkom for 6.65 billion Euro. E.ON has an option to sell the 45 per cent stake to BT for slightly less. BT will after the transaction own 90 per cent of Viag Interkom. The agreement between BT and Telenor means Telenors ten per cent stake may be sold to BT on the same terms as E.ON before the end of the year, or that BT may buy the stake within three months after this period. Telenor has made no decision to sell and BT has made no decision to buy.
“The acquisition will not affect the present UMTS auction in Germany, and will strengthen Viag Interkom,” says CEO of Telenor Mobile Communications, Arve Johansen. Telenor has invested in all 440 million Euro in Viag Interkom since 1997.