Telenor today closes the transaction to divest 30 percent of newly established Telenor Fiber AS, inNorway to a consortium led by KKR, investing through its Core Infrastructure strategy, withOslo Pensjonsforsikring as co-investor. The agreed sales price is based on an enterprise value ofNOK 36.1 billion for the Norwegian fibre business which had a proforma EBITDA ofNOK 1.7 billion in 2021. "This transaction is an important milestone in our new strategy of reshapingTelenor . We are showing the value inTelenor's infrastructure while safeguarding future investments inNorway's fibre. This will benefit Norwegian consumers, who can receive modern and robust connectivity asTelenor continues to strengthen is offerings", saysJannicke Hilland , EVP of Telenor Infrastructure. The divestment of 30 percent generates proceeds ofNOK 10.8 billion toTelenor and as previously communicatedTelenor intends to use part of the proceeds for share buy backs. The transaction is in line withTelenor's strategy to secure a continued high paced fibre roll out inNorway 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 inNorway and will continue to strengthen fibre coverage inNorway 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 ofTelenor's fibre strategy and infrastructure, building on KKR's significant experience within digital infrastructure investing", saysJulian Barratt-Due , Director, European Infrastructure at KKR. Investor Relations: Øystein Myrvold +47 99 23 04 60Håkon Hatlevik +47 90 14 60 70 Media contact:David Fidjeland +47 93 46 72 24
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