TeliaSonera sells North Sea Communications AS to HitecVision
NSC was established in 1998 as a joint venture between TeliaSonera and Enitel. Since 2001, TeliaSonera has been the single owner of the company. The divestment of NSC is in line with TeliaSonera’s decision to focus on its core strategy of being a leading telecommunications operator.
HitecVision has a strong focus on this sector of the telecom industry, and through the transaction customers of NSC will get a strong owner that is able to provide a solid telecom carrier to serve the growing needs of the offshore oil and gas industry.
The transaction is subject to approval from relevant competition authorities, and is expected to be closed in August.
TeliaSonera will recognize a capital gain of approximately SEK 90 million, reported as non-recurring item.
HitecVision is the largest private equity investor in Europe to specialize exclusively in the oil and gas sector. HitecVision currently manages three funds with a total committed capital base of about USD 1.4 billion, for leading investors in Norway and internationally. The funds invest in growth companies in the oil and gas sector. For more information, please visit www.hitecvision.com.
Pål M. Reed, Senior Partner, +47 92 26 71 71
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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.