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Closing today of Eltel’s buyout of Eltel Sønnico, Norway

Closing today of Eltel’s buyout of Eltel Sønnico, Norway

OSLO: Eltel announced on August that the Norwegian Competition Authority has approved Eltel’s acquisition of the Umoe shares with Eltel becoming the sole owner of Eltel Sønnico AS. As all the preconditions for the deal have been met, the closing has taken place today. Eltel Sønnico will be fully consolidated in Eltel Group from today, i. e. for four months during 2015.

During the first eight months of 2015 Eltel Sønnico has started to implement the new five-year contract of Telenor strengthening Eltel’s overall position in the Norwegian communications market. Eltel Networks AS has, in a short time become a major implementation partner of railway projects in Norway. In the spring of 2015 the company has also won smart metering projects for Hafslund and Skagerak establishing a market leading position in Norway with over 800,000 meter installations by 2019. Furthermore, Eltel is implementing power transmission projects both for power and rail operators in Norway.