Telenor today closes the transaction to divest 30 percent of newly established
Telenor Fiber AS, in Norway to a consortium led by KKR, investing through its
Core Infrastructure strategy, with Oslo Pensjonsforsikring as co-investor. 

The agreed sales price is based on an enterprise value of NOK 36.1 billion for
the Norwegian fibre business which had a proforma EBITDA of NOK 1.7 billion in
2021.
 
"This transaction is an important milestone in our new strategy of reshaping
Telenor. We are showing the value in Telenor's infrastructure while safeguarding
future investments in Norway's fibre. This will benefit Norwegian consumers, who
can receive modern and robust connectivity as Telenor continues to strengthen is
offerings", says Jannicke Hilland, EVP of Telenor Infrastructure. 

The divestment of 30 percent generates proceeds of NOK 10.8 billion to Telenor
and as previously communicated Telenor intends to use part of the proceeds for
share buy backs.
  
The transaction is in line with Telenor's strategy to secure a continued high
paced fibre roll out in Norway in the coming years while at the same time
crystallising the value of the infrastructure business. Telenor aims to capture
a substantial share of the remaining fibre market in Norway and will continue to
strengthen fibre coverage in Norway and provide consumers with increased access
to high speed fixed, mobile and TV offerings. 

KKR has significant expertise in digital infrastructure and shares a long-term
perspective on the Nordic telecoms market.

"We are very excited to invest and contribute to the long-term development of
Telenor's fibre strategy and infrastructure, building on KKR's significant
experience within digital infrastructure investing", says Julian Barratt-Due,
Director, European Infrastructure at KKR. 

Investor Relations:

Øystein Myrvold +47 99 23 04 60
Håkon Hatlevik +47 90 14 60 70

Media contact:
David Fidjeland +47 93 46 72 24

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