Tele2 AB completes divestment of Tele2 Denmark to Telenor ASA

Nordic Business Report, July 12, 2007

NORDIC BUSINESS REPORT-12 July 2007-Tele2 AB completes divestment of Tele2 Denmark to Telenor ASA(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish telecomms operator Tele2 AB said on Thursday (12 July) that it has completed the divestment of its Danish subsidiary Tele2 Denmark to the Norwegian telecomms operator Telenor ASA.

Telenor agreed to pay approximately SEK1,025m in cash for Tele2 Denmark.

Tele2, headquartered in Stockholm, Sweden, has more than 30 million customers in 22 countries. The company reported revenues of SEK54.6bn in 2006. Tele2 is listed on the Nordic Exchange in Stockholm.

Telenor, headquartered in Fornebu, Norway, is one of the world's largest mobile operators, with nearly 83 million subscribers in 12 countries. The group has some 27,600 employees and annual revenues of nearly NOK70bn. Telenor is listed on the Oslo Stock Exchange and traded under the ticker 'TEL'.

One British pound (GBP) is worth approximately 13.54 Swedish kronor (SEK).One British pound (GBP) is worth approximately 11.69 Norwegian kroner (NOK).

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