TeliaSonera gains full ownership in Norwegian retail-chain ComHouse
TeliaSonera has acquired the remaining 66.6 percent of the shares in ComHouse, a holding company for the retail chains Klart Svar and Telebutikken in Norway, increasing its holding to 100 percent. The acquisition will allow TeliaSonera’s subsidiary NetCom to further integrate ComHouse’s distribution chains operationally.
TeliaSonera has today signed a Share Purchase Agreement for the acquisition of all outstanding shares in ComHouse AS from MTU Gruppen AS, ComHouse Butikkdrift AS and Com-Invest AS. In March 2006 TeliaSonera bought a minority share of 33.4 percent in the company.
“ComHouse has demonstrated a healthy growth and earnings, and the transaction clearly strengthens TeliaSonera’s distribution strategy in Norway,” says Kenneth Karlberg, President Business Area Mobility Services, TeliaSonera.
The purchase price for 66.6 percent of the shares will be approximately SEK 185 million (NOK 157 million), based on an enterprise value of the entire company of approximately SEK 383 million (NOK 325 million). The final cash consideration will be based on balance as per closing. Closing of the transaction is subject to approval by the Norwegian Competition Authority.
ComHouse AS is the most important distribution channel for NetCom in Norway. ComHouse consists of the retail chain Telebutikken (65 stores of which 5 are operated through franchise) focused on private customers and the chain KlartSvar (40 locations of which 32 are operated through franchise), which is focused on business customers.
TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 5 p.m. on June 17, 2008.
For further information journalists can contact:
The TeliaSonera Press Office, +46-(0)8-713 58 30
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.