OSLO, Norway, Jan. 31, 2003 (PRIMEZONE) -- Telenor (Nasdaq:TELN) is continuing its strategy for improving profitability with a clearer focus on core markets and activities. As a result, Telenor has closed the sale of its Nextra operations in Austria and Hungary through agreements that ensure the continued development of these companies under new ownership.
In Austria, Telenor has sold its Nextra operations to AirCALL. Nextra and AirCALL's operations will be integrated during the first-half of 2003 with Nextra as the continuing brand. In Hungary, a management buy-out has been completed and Nextra's Managing Director, Robert Line, will continue on as Managing Director for the Hungarian operations. Details of the transactions will not be disclosed.
In a comment, Executive Vice President of Telenor Bjoern Formo, said: "I am happy to see that the two Nextra operations will be carried on with new owners and that we can now focus on other, strategically more important, operations. We will also continue to evaluate options for the remaining Nextra operations and markets, in line with our strategy."
Alan Walton, Chief Executive Officer of AirCALL, said: "The strategic acquisition of Nextra strengthens our leadership position in the Internet connectivity and applications hosting market. Nextra and AirCALL bring unique and complementary strengths to the business mix, and opportunities for creative synergy and revenue generation are many and exciting. The union of these two companies offers a dramatic opportunity to drive revenues and profitability and enhance customer value."