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Telenor Business Solutions UK sold to 2escape2

Press release
Fornebu
4 minute read
Press Release
Telenor today announced that it has entered into an agreement to sell Telenor Business Solutions UK to 2escape2 Limited. This transaction concludes Telenor's restructuring of its international Internet operations.

Telenor is maintaining its focus on consolidating its leading position in the Norwegian market as well as strengthening its service delivery in the Nordic market. The company's international presence will primarily focus on mobile services and key markets where Telenor sees opportunities for creating long-term value. Consequently, divestment of Telenor Business Solutions UK is a part of this strategy.

Details of the transactions will not be disclosed.

In a comment, Executive Vice President of Telenor, Bjørn Formo, said, "With the sale of Telenor Business Solutions in the UK, along with the earlier divestments of Nextra Italy, Hungary and Austria and the recent transfer of the Czech and Slovak Nextra operations to Telenor Networks, the restructuring of Telenor's international Internet portfolio is complete. Telenor can now concentrate on defined key markets and services in line with our strategy."

Mark McVeigh, Chief Operating Officer of 2escape2, said, "The acquisition of Telenor Business Solutions UK marks a significant stage in our growth strategy. Its services complement those of the other companies in the group. Its size, combined with its considerable experience in the Managed Services sector gives us a solid foundation for further growth in the IT services industry".

For further information:

Telenor: Chief Press Spokesman, Dag Melgaard, tel: (+47) 901 92 000

2escape2: M&A Director Nick Grossman, tel (+44) 7774 848978

Telenor:

Headquartered in Oslo, Norway, Telenor is an international provider of high quality telecommunications, data and media communication services. Telenor is one of Norway's largest companies with revenues in 2002 of approx. NOK 48.8 billion and a work-force of 22,100 domestically and abroad . Telenor is listed at the Oslo Stock Exchange (TEL) and Nasdaq in New York (TELN).

2escape2:

2escape2 is a balanced portfolio of companies with complementary offerings in the outsourcing sector of the IT Services marketplace. Capitalising on many years of experience within similar growth vehicles in the IT industry, 2escape2 is progressing a carefully planned growth strategy.

Focused on businesses in the maintenance, networking and managed services sectors of the market, it has a highly devolved management style, encouraging subsidiaries to provide specialism, flexibility and cost competitiveness for clients.