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Industry: Email Alert RSS FeedTeliaSonera acquires Norwegian mobile service provider
Telecommunications Mergers & Acquisitions, December, 2005 by Anonymous
TeliaSonera, leading mobile operator of Sweden and Finland, has closed an agreement to take over Norway's mobile operator Chess/Sense, after receiving approval from the Norwegian Competition Authority.
The transaction will see TeliaSonera pay $245 million to Vollvik Gruppen, the owners of Chess/Sense, to secure a 91.2 percent stake in the company. The Swedish major will immediately introduce a tender for purchasing the balance 8.8 percent shares. The complete takeover of Chess is expected to cost around $269 million. TeliaSonera will run the operations of Chess/Sense as a separate subsidiary without altering the current management.
TeliaSonera's Norwegian arm, Netcom, enjoyed a customer base of 1.3 million subscribers as of September 30, 2005. The acquisition of...
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