On 28 October 2008 Telenor executed an agreement to acquire a controlling interest in Unitech Wireless, through subscription for new shares. The subscription for new shares in Unitech Wireless will, as previously announced, be completed in four phases.
Telenor and Unitech Ltd have agreed to proceed with completion of the transaction with certain adjustments.
While Telenor’s initial investment under the agreement will continue to be the previously agreed INR 61.2 billion (approx. USD 1.2 billion), it has been agreed that Telenor, after this investment, would be holding 67.25% in Unitech Wireless (subject to regulatory approval). Upon completion of the first phase of the investment, Telenor’s ownership percentage will be 33.5%.
The transaction, and the first phase of Telenor’s investment, will be completed shortly, as the closing formalities related thereto have been finalised.
Pål Kvalheim, Vice President, Group Communications Telenor ASA
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