TeliaSonera Lines Up Chess Move

TeliaSonera signs term sheet to buy Vollvik Gruppen, which owns 100 percent of Chess/Sense, the third largest mobile operator in Norway

July 7, 2005

1 Min Read

STOCKHOLM -- TeliaSonera, the leading telecommunications group in the Nordic-Baltic region, has today signed a Term Sheet Agreement with shareholders representing more than 90 percent of the shares in Vollvik Gruppen AS giving TeliaSonera exclusivity until the beginning of August to conclude an acquisition of their shares in Vollvik Gruppen. Vollvik Gruppen owns 100 percent of Chess/Sense which is the third largest mobile operator in Norway with 310,000 subscribers as of June 2005.

The main shareholders of Vollvik Gruppen have irrevocably committed themselves to sell their shareholdings to TeliaSonera at a price of NOK 11.15 per share in cash. NOK 10.50 of the purchase price per share will be paid in cash at closing, and NOK 0.65 will be held in escrow for 365 days following closing as collateral for the representations and warranties made to the buyer. Following due diligence and negotiations on a final Share Purchase Agreement TeliaSonera will decide whether it will conclude the transaction. After a final agreement is reached the acquisition will be subject to regulatory approval. In case the acquisition is completed, all remaining shareholders in Vollvik Gruppen will be offered to sell their shares to TeliaSonera to the same price.

The agreed share price will give TeliaSonera an acquisition value for 100 percent of the company of 1.8 billion NOK. (2.16 billion SEK)

TeliaSonera AB

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