OSLO, Norway, May 9, 2001 (PRIMEZONE) -- Telenor (Nasdaq:TELN) and EDB Business Partner have today entered into a letter of intent with the bank DnB - Den norske Bank regarding the acquisition and management of the bank's total operations, regarding information and communication technology (ICT). For the parties involved, this represents a combined turnover amounting to NOK 3.0 billion over a 5-year period.
The letter of intent assumes that the parties enter into a final agreement by July 1. The agreement assumes that Telenor and EDB Business Partner take over the operational responsibility for ICT including some 190 employees in Oslo and Bergen.Telenor's direct proportion of the agreement will amount to approximately NOK 175 million annually during the contract period.
On January 3, 2001, DnB invited several interested parties, including the Telenor-alliance, comprising Telenor, EDB Business Partner and Cap Geminin Ernst & Young, to make an offer for the take-over and management of DnB's unit for their own ICT platform - DNB IT-Drift.
Following their own original submission of an offer, Telenor-Alliance has conducted a comprehensive analysis of the bank's ICT systems, and the parties are now in agreement with regard to the principles of the contract. With respect to the negotiations to be completed by July 1, 2001, the parties intend to conclude a final agreement. Together with EDB Business Partner, Telenor will take over the ownership and management responsibilities for the bank's ICT activities, including inventory and staff, together with DnB's property at Sandsli, Bergen.
Telenor is one of the most value-added companies in Norway with a turnover of some NOK 37.6 billion in 2000 and around 20,200 manpower years at home and abroad. Telenor is a leading participant in the market within telecommunications, data services, and media dissemination. Internationally, Telenor is particularly focussed on mobile telephony, the Internet, TV-networks and satellite communications. Telenor aims at offering domestic and international clients high quality solutions at competitive prices, and to contribute to increased value for shareholders. Telenor is quoted on the Norwegian Stock Exchange (TEL) and on NASDAQ in New York (TELN).