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TeliaSonera strengthens Norwegian position

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16:15 CEST+02:00
Swedish-Finnish telecommunications group TeliaSonera said Monday it had acquired a 91.2% stake in the Norwegian group Vollvik, which owns Norway's third largest mobile phone operator, Chess/Sense.

TeliaSonera said it expected the transaction would eventually boost its underlying earnings before interest, taxation and amortization by about 810 million kronor and its pretax cash flow by around 730 million kronor from mid-2006.

"This transaction strengthens our position on the Norwegian mobile market and emphasizes our ability to progress successfully with our strategy to enhance growth in our home markets," said TeliaSonera's chief executive Anders Igel.

TeliaSonera said Chess/Sense would continue to operate as a service provider under its own brand on the Norwegian market. Idar Vollvik will remain as chief executive and there will be no major changes in the operation of the company.

Chess/Sense had 405,000 subscribers in Norway as of June 2005.

AFP

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