Telenor : Telenor acquires the second largest mobile operator in Bulgaria

  Telenor : Telenor acquires the second largest mobile operator in Bulgaria

(Fornebu, 26 April  2013) Telenor has  today signed an  agreement with OTE  to 
acquire Bulgarian mobile operator Globul for a total amount of EUR 717 million
on a cash and debt free basis.

Globul is the  second largest  mobile operator  in Bulgaria  with 4.5  million 
subscribers and a market  share of 36 percent.  The transaction also  includes 
Germanos Bulgaria, the leading telecom  retailer in the country  operationally 
integrated with Globul.

"Based on  our  experience  in Telenor's  well-performing  operations  in  the 
region, we  strongly believe  that we  will be  able to  create value  in  the 
Bulgarian market. By contributing  with our scale  and experience to  Globul's 
competence and market  knowledge, we can  offer even better  quality and  more 
advanced services to Bulgarian customers," says Jon Fredrik Baksaas, President
and CEO of the Telenor Group.

In Central and Eastern Europe, Telenor Group is currently present in  Hungary, 
Serbia and Montenegro.  The company  is a leader  in terms  of mobile  revenue 
share in Serbia and Montenegro.

"Our  entrance  into   the  Bulgarian  market   enhances  the  potential   for 
cross-border  co-operation  and  increased  efficiency  that  our   customers, 
businesses and the Telenor Group as a  whole will benefit from. We also see  a 
potential in  expansion of  mobile  data and  internet-based services  in  the 
market," said  Kjell-Morten  Johnsen,  Executive Vice-President  and  Head  of 
region Europe.

Globul has  been present  in Bulgaria  since 2001.  At the  end of  2012,  the 
company reported 4.5 million  subscribers and a  36 percent subscriber  market 
share. In 2012,  Globul and Germanos  Bulgaria generated revenues  of EUR  378 
million and EBITDA of EUR 135 million.

The transaction  is  subject  to  relevant merger  control  approvals  and  is 
expected to be finalised in Q3 2013.

No further comments will  be given until the  press and analyst conference  on 
Monday, 29 April 2013 at 0900 CET.

Press and analyst conference

Telenor Group will  hold a press  and analyst conference  on Monday, 29  April 
2013 at 09.00 CET at the  Telenor Group Visitor Centre. The presentation  will 
be conducted by  Kjell-Morten Johnsen,  Executive Vice President  and Head  of 
region Europe.

The press and analyst conference will be broadcast live over the Internet, and
a recorded version will be made available at www.telenor.com.

The press and analyst conference will also be available as a conference  call. 
This service allows participants to ask questions at a concluding Q&A session,
which will be held immediately after the presentation and a Q&A session in the
auditorium.

Dial-in details for the conference call, as well as the presentation material,
will be provided at www.telenor.com on 29 April at 07.00 CET

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Source: Telenor via Thomson Reuters ONE
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