Telenor cleared to buy Glocalnet

Telenor ASA said its acquisition of Sweden's Glocalnet AB has been approved by the Swedish competition authorities.

After taking a majority stake in the company in February, Telenor made an all-cash offer for all outstanding shares in the company at 4 kronor per share, valuing the entire company at around 1 billion kronor.

Telenor now has 86% of the shares in the company and the offer period will run until March 23.

At the close of 2005, Glocalnet had 104,000 broadband customers and full year sales totaled 1.09 billion kronor.