Swedish telecom company Tele2 is selling its Norwegian operations to competitor TeliaSonera, for a total worth of 5.1 billion kronor ($743.92 million).
The sale was levered and free from debts, and will lead to capital gains of 2 billion kronor ($291.7 million) for Tele2.
"The transaction consolidate two prosperous operators on the Norwegian market," Arild Hustad, CEO of Tele2 Norway, said in a statement. "The combination of the two will create a firm with even greater potential to take care of our mobile customers and companies."
Tele2 has over 1.2 million Norwegian customers, bringing TeliaSonera's Norwegian branch, Netcom, to 2.7 million mobile customers in total.
"An immediate advantage of combining the two companies is an accelerated foldout of a national 4G network, which will create conditions for growth on the Norwegian market," Hustad added. The network aims to have 98 percent of Norwegian households on the 4G network by 2016.
The transaction should be completed in early 2015.