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Telenor reaches agreement with BT on shares in Viag Interkom

Telenor supports BT’s acquisition of E.ON’s (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 Telenor’s 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.ON’s 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 Telenor’s 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.

Further information:
Executive Vice President Dag Vangsnes, Telenor Mobile Communications, tel.: (+47) 917 89 427
Corporate Press Officer Dag Melgaard, Telenor AS, Dag Melgaard, tel.: (+47) 901 92 000


Telenor:
Telenor is a worldwide provider of high quality telecommunications, data and media communication services, with a particularly strong focus on mobile, internet and broadband services. Headquartered in Oslo, Norway, the company is present in over 30 countries, has more than 22,000 employees at home and abroad, and had revenues of US$ 3.9 billion in 1999. Internationally, Telenor is steadily increasing its investments within mobile, Internet, TV-distribution and Satellite communications, constantly providing its worldwide customers with leading-edge solutions at competitive prices.

Telenor Mobile Communications (TMC) is the mobile business area of Telenor, offering voice, data, Internet, e-commerce and content services. Telenor is one of the world’s most advanced mobile operators with a leading position in the Norwegian market and with ownership in 15 mobile companies throughout the world, including Norway. The total number of subscribers as of March 31, 2000 was approximately 8.1 million in companies where Telenor has ownership.