By Dominic Chopping

 

Norwegian telecom provider Telenor ASA said Wednesday that it has agreed to sell Open Universe, its communication operator which delivers services on third party infrastructure, as well as part of its fibre-to-the-home business in Sweden to Global Connect AB for 3 billion Norwegian kroner ($335.7 million).

The company said the deal is part of its simplification strategy and Telenor Sweden will now focus on developing its offers to retail customers within mobile, broadband and TV.

In 2020, earnings before interest, tax, depreciation and amortisation from Open Universe and the single dwelling unit fibre-to-the-home accesses was around 240 million Swedish kronor ($26.6 million), it said.

The transaction is expected to create a pretax gain on disposal of NOK1.7 billion and is expected to be finalised in early 2022.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

November 24, 2021 03:05 ET (08:05 GMT)

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