Telenor already owns a quarter of the company’s shares, and is set to buy out the remaining shareholders KPN, the Dutch operator, Sonera of Finland and Denmark’s TDC. Each of these companies will receive their windfalls in cash, courtesy of Telenors financial investment wing.
Telenor has been getting itchy feet, as it dominates its domestic market. The company is therefore keen to forge a substantial global foothold. Its portfolio of more than 70 international holdings includes a controlling stake in Danish Sonofon, and joint ownership of Sweden’s Telenordia, together with BT.
KPN, will receive E603m for the sale of its 44.7% controlling interest. KPN is keen to cut down its E23bn debt pile, and sees this as the perfect opportunity.
