Telenor blows $1bn on broadband firms
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Posted in Financial News, 23rd May 2005 15:40 GMT
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Telenor has splashed out more than $1bn on two broadband businesses in a bid to bolster the provision of high speed services.
Norway's big telco has forked out SEK6bn ($823m) on Bredbandsbolaget, Sweden's second biggest provider of broadband services with some 335,000 punters.
Telenor also splashed out DKK1.4bn ($237m) on Danish broadband outfit Cybercity. With 90,000 punters and 8 per cent market share, Cybercity's own DSL infrastructure covers more than two thirds of Denmark.
Said Telenor bigwig Morten Karlsen Sorby: "The acquisitions of Bredbandsbolaget and Cybercity strengthen Telenor's existing Nordic operations, and give Telenor a strong position in the fast growing Nordic broadband and datacom market."
Bredbandsbolaget and Cybercity will continue to operate under their own brands once the deal gets the thumbs up from regulators, which is expected some time in June. ®
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