Telenor to dispose of its shares in ONE

On Wednesday, Telenor agreed to divest, together with the other shareholders, its shares in Austrian mobile company ONE to a consortium consisting of France Telecom and Mid Europa Partners.

The total consideration for 100 per cent of ONE is approximately EUR 1.4 billion, on a cash and debt free basis. The sale of Telenor's shares is currently expected to result in a gain of approximately EUR 111 million. Telenor will receive total proceeds, including repayment of its shareholder loan to ONE, of approximately EUR 190 million.

Signing of the Share Purchase Agreement is planned to take place on or before 28 June 2007. The sale is subject to approval from relevant regulatory authorities.

Telenor has held its ownership share of 17.45 per cent in ONE since 1997. The sale of ONE is in line with Telenor's strategy of gaining control of, or exiting, minority interests.

Under the current ownership structure, and until the acquisition is closed, ONE is jointly owned by E.ON (50.10 per cent), Telenor (17.45 per cent), Orange (17.45 per cent) and TDC (15 per cent).

For further information, please contact:
Head of Information Ola Jo Tandre +47951 74 579