OSLO, Norway, March 5, 2001 (PRIMEZONE) -- Both parties agreed on an enterprise value of EUR 33 million which resulted in a purchase price of EUR 22.94 million, adjusted for debt.
"The aquisition of SAIT Communication is a part of our strategy to expand into the retail distribution market to capture a larger market share and to introduce value-added services," said Stig Eide Sivertsen, CEO of Telenor Broadband Services.
SAIT Communications (Business Unit "Airtime Services") was a part of the SAIT-STENTO Group and provides airtime services based on a multi-supplier concept for satellite mobile communication users. The combined businesses will establish a strategic platform for development of value-added services, especially for the benefit of maritime customers.
"The divestment of SAIT Communications will allow SAIT-STENTO to execute its quick growth strategy. The cash generated by this deal will contribute to improve our debt position and will enable us to realise new acquisitions and to further strenghten the company's leading position in the core markets," said Patrick De Groote, CEO of SAIT-STENTO. "The acquisition of SAIT Communications by Telenor will lead to new business opportunities and excellent perspectives for the 97 people employed worldwide."
To editors:
Telenor Broadband Services AS is a subsidiary of Telenor ASA, which is listed on the Oslo Stock Exchange (TEL) and Nasdaq (Nasdaq:TELN). Telenor Broadband Services is one of four core business areas in Telenor and was established following the merger between the business areas Telenor Satellite Services, Telenor TV Distribution and parts of Telenor-commerce. Telenor Broadband Services AS is the largest distributor of analogue and digital television services to end users in the Nordic Region. In 2000 Telenor Broadband Services business area had an annual turnover of approximately NOK 3,5 billion (EUR 425 million).
SAIT-STENTO Group, listed on the Brussels (SAIT) and Oslo (SAI) Stock Exchanges, is a leading European system integrator and service supplier for professional markets using wireless and wireline technologies. The group is a result of the merger in May 2000 between the Belgian SAIT-RadioHolland and the Norwegian Stento ASA, and has its headquarters in Belgium and its main offices in Brussels, Oslo and Hamburg as well as representations in the rest of the world. The Group further has a 50% stake in the Joint-Venture EuroMarine GmbH. The Group employs 2000 people worldwide and recorded over 1999 a combined turnover of EUR 400 million.