Norwegian telecom giant Telenor acquires Danish broadband supplier  

2005.05.24
Telenor, one of Norway's largest companies, has acquired Danish broadband supplier Cybercity for DKK 1.4 bn

The Norwegian telecom giant Telenor has acquired Danish broadband supplier Cybercity for DKK 1.4 bn (USD 238 mn). Telenor has also acquired Bredbandsbolaget, Sweden's second largest provider of broadband services for SEK 6.0 bn (USD 820 mn). Prior to the sale, Cybercity was owned by a number of leading international investors including Advent International, Lehman Brothers, Merrill Lynch, Nordic Venture Partners and Four Seasons Partners.

Morten Karlsen Sørby, Executive Vice President of Telenor says that the acquisition of Cybercity will strengthen Telenor's position on the Danish telecom market: "Sonofon [a Danish telecom supplier which Telenor acquired 18 months ago – Ed] is a clear number two on the Danish mobile market, and Cybercity has just as clear a position as number two on the x-DSL broadband market. That will give Telenor good opportunities to create continued growth in the Danish market", he comments.

Cybercity is based in Copenhagen and employs 300 people. The company sells and operates broadband and telecom solutions to both business and private customers. Following the acquisition, Cybercity will continue to operate under its own name.

Telenor employs 20,900 people and is one of Norway's largest companies with annual revenues of approx. DKK 60 bn (USD 10.2 bn). Telenor is listed on Oslo Stock Exchange and on the Nasdaq in New York. The news is reported by ComputerWorld and on Cybercity's website.

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