Eltel transaction gets Norwegian Competition Authority approval

The Norwegian Competition Authority said it has approved the merger between Eltel (STO:ELTEL) Networks AS and Eltel Sønnico AS.

This means that one condition for completion of the transaction, of Eltel acquiring the other half of the JV Eltel Sonnico AS in Norway from its partner Umoe, is fulfilled. Eltel and Umoe are now in a process of finalizing certain confirmatory reviews and necessary legal registrations in Norway before an expected closing of the transaction in the beginning of September 2015.

On August 10, 2015 Eltel communicated that the company has agreed to acquire the other half of the JV Eltel Sønnico AS in Norway from its partner Umoe at a price of NOK 265 million. The JV was formed in the beginning of 2014 to join the communication businesses of Eltel and Umoe in Norway. After the transaction Eltel will be the sole owner of the company. The acquisition was subject to the approval of the Norwegian Competition Authority.

Eltel is a leading European provider of technical services for critical infrastructure networks — Infranets — in the segments of power, communication and transport & security, with operations throughout the Nordic and Baltic regions, Poland, Germany, the United Kingdom and Africa.