TeliaSonera is to acquire Tele2 Norway from Tele2 AB for an enterprise value of SEK5.1 billion (€547.8 million), equivalent to a cash value of SEK5.3 billion.
The transaction, which is subject to regulatory approval from the Norwegian Competition Authority, expected by Q1 2015 at the latest, follows Tele2’s strategic review of its Norwegian business.
This, in turn, was prompted by changes to the structure of the Norwegian market as a result of the licence auction in December 2013.
The divestment will generate a capital gain of approximately SEK2 billion upon expected closing.
TeliaSonera says the transaction will increase its mobile market share in Norway from the current 23% to around 40%.
It now expects to reach 98% population coverage for 4G by 2016, two years ahead of its obligations.
TeliaSonera currently operates under two brands in Norway, namely Netcom and Chess.
