UNQUOTE

NORWAY - Norvestor acquires Intelecom for NOK 173m

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Norvestor has obtained acceptance from shareholders representing 97.3% of the share capital of communications company Intelecom Group ASA for its NOK 6 a share takeover offer, which values the business at NOK 173m, and has initiated a compulsory squeeze-out.

The buyout house announced its intention to an cash offer for Intelecom in October this year, with the offer document being published in early November, when the acquisition vehicle, Scandinavian Telecom, officially launched its bid. The offer represents a premium of NOK 38.9% over the closing price 24 October.

Oslo-based Intelecom provides communications solutions to the enterprise market. It has subsidiaries in Norway, Sweden, Denmark and the UK. Intelecom Group ASA was listed on the Oslo Stock Exchange (ITC) in 2001.

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