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Arrowhead Buys Pangea Assets

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MALMO, Sweden -- Vattenfall-owned Arrowhead has reached an agreement with the trustees of Pangea in Sweden, Norway and Denmark and other parties to acquire Pangea's fibre network and telecommunication equipment from Nortel in the Swedish ring connecting Stockholm, Oslo and Copenhagen. Pangea was a pan-european operator which built a high-capacity network from London to the Baltics. Pangea entered into administrative receivership in September 2001 and the Nordic companies filed bankruptcy in may and june 2002. Arrowhead and Nortel Networks have entered into an agreement whereby the network will be upgraded to the latest release levels providing Arrowhead with one of the most technically advanced networks in Europe. This enhancement will allow Arrowhead to offer the latest services such as Gigabit Ethernet between major cities in the Nordic region. "Arrowhead will through this acquisition further strengthen its position as one of the leading alternative operators in Sweden. Arrowhead has one of Sweden's most extensive high capacity backbone networks built on own dark fibre and has now increased the capacity extensively in southern Sweden. Arrowhead can avoid planned investments and reduce costs this way. Arrowhead's customers such as Orange, Cable & Wireless, Skandiabanken and the Swedish hospitals will now have the opportunity for even better services," says Arrowhead's CEO Anders Liden. Arrowhead ABNortel Networks Corp.Pangea Ltd.

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