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Telenor ASA - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Telenor is the incumbent telecommunications operator in Norway where it provides a full range of services, including fixed-line, mobile, and broadcast services. Telenor also has substantial international operations, particularly in the area of mobile telephony. The group's mobile communications business includes voice, data, Internet, content services, customer equipment and e-commerce. Its mobile operations are located in Norway (Telenor Mobile), Denmark (Sonofon), Sweden (Telenor Mobile Sweden), Ukraine (Kyivstar), Hungary (Pannon), Thailand (DTAC), Malaysia (DiGi), Bangladesh (Grameenphone), Pakistan (Telenor Pakistan), Montenegro (Promonte), Serbia (Telenor Serbia), Russia (VimpelCom) and Austria (ONE). In June 2007, France Telecom and private equity company Mid Europa Partners reached an agreement to acquire 100% of ONE. France Telecom is an existing shareholder in the Austrian mobile operator. Telenor's fixed-line business consists mainly of operations in Norway, Sweden and Denmark, which deliver services including analogue PSTN, digital ISDN, broadband telephony, xDSL, Internet and leased lines, as well as communication solutions. Broadcast comprises the Group's TV-based activities within the Nordic region. This includes satellite dish, cable TV networks and satellite master antenna TV network systems. Broadcast operates the national analogue terrestrial broadcast network in Norway and provides satellite broadcasting services in the Nordic region, utilising three geostationary satellites. In June 2006, Norges Television AS (NTV), a company in which Telenor owns a 33.3% interest, was awarded a licence to develop and operate a digital terrestrial network for television in Norway. Telenor's other operations include the provision of IT services and directory enquiries. In October 2006, Telenor entered into a definitive agreement to sell Telenor Satellite Services (TSS), its subsidiary that provides global satellite-based mobile services, to funds managed by Apax Partners. The transaction is expected to close in the second half of 2007. Telenor ASA was created in November 1994 as the successor to Televerket, the state-owned monopoly telecommunications operator in Norway, and was a joint-stock company with the Norwegian state as the sole shareholder until December 2000, when the company launched its initial public offering (IPO). In March 2004, the Norwegian government sold 170 million shares in Telenor, reducing its stake in the company to around 53%. At the end of 2006, shareholders holding 1% or more of Telenor's total outstanding shares were: the Norwegian government (Ministry of Trade and Industry) (53.97%); State Street Bank (nominee) (4.83%); National Insurance Scheme Fund (2.91%); JPMorgan Chase Bank (nominee) (2.46%); Mellon Bank (nominee) (1.54%); JPMorgan Chase Bank (nominee) (1.35%); and, JPMorgan Chase Bank (nominee) (1.28%). In May 2007, Telenor announced that it will delist its American Depositary Shares (ADSs), each representing the right to receive three ordinary shares of six Norwegian Kroner each of Telenor, from the NASDAQ Stock Market . The company's ordinary shares will continue to trade on the Oslo Stock Exchange.
This Company Intelligence Report was produced as part of
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