On 8 February 2006, Telenor increased its ownership interest in Swedish broadband provider Glocalnet to 50.1 per cent. At the same time an offer was made for all outstanding shares in the company. The Swedish competition authority has now approved the acquisition.
“The approval from the Swedish authorities was expected, but we are nevertheless pleased that all formal requirements have now been met,” said Morten Karlsen Sørby, Executive Vice President and Head of Telenor Nordic.
“Glocalnet is an exciting business with a clear-cut challenger position in the market, and we look forward to continue to build on the company’s success as an integral part of our strong Swedish platform.”
Glocalnet develops and markets a broad spectrum of telecommunications services, including fixed-line and mobile telephony, but its name was made as one of Sweden’s fastest-growing broadband suppliers. At year-end 2005, the company had 104,000 broadband customers and a turnover of SEK 1.09 billion.
“The growth in the Swedish broadband market is strong, and our combined offers from both Glocalnet and Bredbandsbolaget enable us to meet the need for broadband services in all market segments, in both the consumer and business markets. We have also strengthened distribution by offering broadband products at all our mobile sales outlets, making it even easier for our customers to fully cover their telecommunications needs,” said Morten Karlsen Sørby.
More about the offer for the shares in Glocalnet
At present, Telenor holds an ownership interest in Glocalnet of 86 per cent, and Telenor has also made an offer for all outstanding shares in the company. This offer is valid until 23 March 2006.
“As expected, we are now seeing more and more shareholders accepting Telenor’s offer,” ends Morten Karlsen Sørby.
For more information, please contact:
Vice President Communications Telenor Nordic
Tel: +47 970 44 970, E-Mail: firstname.lastname@example.org
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