Tele Danmark held a third of the shares in Telenordia, and the two buyers will acquire one half of that stake each. Tele Danmark will receive SEK 2.6bn for the stake. The sale will generate profits of nearly SEK 2.3bn. Profits are tax-free as Tele Danmark has held the stake for more than three years.
The sale of the Telenordia stake will make Tele Danmark less tied up and restricted with respect to commercial activities in the Swedish market. Due to the Telenordia ownership, Tele Danmark has been restricted to sell data and telephony via Telenordia only.
Commercially it has definitely been to our benefit to free ourselves from the Telenordia ties as we now can sell our own communications solutions to Swedish companies. We have also made fair profits from the Telenordia sale and I think that we have reached a good solution both strategically and financially, states Henning Vest, CEO at Tele Danmark.
Tele Danmark has just re-structured the company to gear it for further growth. Our Swedish strategy did not fit in with the two other shareowners’ plans for Telenordia and we decided to pull out, Henning Vest says.
