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Telenor Sells Conax to Kudelski

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FORNEBU, Norway -- Telenor Broadcast today announced that it has entered into a definitive agreement to sell its subsidiary Conax AS for NOK 1,509 million to swiss-based Kudelski Group.

Conax is a leading global provider of solutions for securing digital video content distribution on all networks and devices with a market share of approximately 7%. Conax serves approximately 380 customers worldwide representing 140 million pay-tv consumers in over 85 countries. Conax has a broad product portfolio encompassing both traditional broadcast products and complete solutions for multi-screen TV distribution.

The sale of Conax marks an important step for Telenor Broadcast in pursuing its stated strategy of focusing on its core activities within the Telenor Group. The acquisition of Conax by Kudelski Group will benefit Conax' customers, including Telenor Broadcast owned Canal Digital in the Nordics.

Patrik Hofbauer, SVP & CEO of Telenor Broadcast, comments: "The Conax operation has been very successful with a strong track record of international growth and high profitability. However, as competition increases and new technologies emerge, achieving global scale and enhancing market share will be key determinants of future success. To support Conax and jointly pursue future growth opportunities we have evaluated that the best way forward for Conax is with a new owner, Kudelski Group is a leading security player within the industry". In 2013, Conax had revenues of NOK 627 million, EBITDA of NOK 243 million and CAPEX of NOK 44 million. The transaction is expected to be finalised in April 2014, and Telenor will report a gain of approximately NOK 1.3 billion.

Telenor ASA (Nasdaq: TELN)

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3/27/2014 | 10:01:11 AM
can also be due to cash flows
Apart from focusing on the core competency, Telenor group is also about to invest billions of dollars in two of its Asian markets: Pakistan and Myanmar. In Myanmar, they have to setup a nationwide network of GSM and Mobile Financial Services. In Pakistan they may have to pay for the 3G /4G license and then invest in new platforms. So this divest may also be due to cash flows.
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