COPENHAGEN, Denmark, July 26, 2001 (PRIMEZONE) -- TDC Group (NYSE:TLD), through its mobile arm TDC Mobile International Group, has signed a Heads of Terms agreement with KPN from Holland, Sonera from Finland and Telenor (Nasdaq:TELN) from Norway to sell its 6.6% interest in Pannon GSM, Hungary's second largest mobile operator, to Telenor.
Telenor will acquire TDC's 6.6 percent interest in conjunction with KPN and Sonera's respective 44.7 percent and 23.0 percent stakes in Pannon GSM for cash. The agreement assumes an equity value of Euro 1.350 million for 100.0 percent of Pannon GSM and net debt of approximately Euro 250 million as of June 30, 2001.
For TDC the transaction generates an after tax capital gain of approximately DKK 550m.
The transaction is subject to certain conditions, including regulatory approvals, as well as the execution of a final Share Purchase agreement between the parties.
TDC was advised by Schroder Salomon Smith Barney in this transaction.