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May 18, 2006
TeliaSonera Buys Broadband Rival - VCs Exit
Several press sources are reporting that TeliaSonera AB has acquired NextGenTel, the second largest broadband provider in the Norwegian market. Much of the shares acquired were bought from VC-backers Northzone Ventures, which had seed funded the company in the pre-revenue phase back in 2000, Geocapital, and the other major shareholders.
The price paid values the company at NOK 1.9B (€243M)
According to TotalTelecom, among the sellers are also members of NextGenTel's management team, including Chief Executive Officer Olav Stokke and Chief Financial Officer Odd Bjoern Ur. The team will, however, remain with the company. No management changes are planned.
Nextgentel's stock was listed on the Oslo Exchange in December 2003, one of the few tech stock IPOs that year.
Read - Teliasonera has increased shareholding in nextgentel to 90.5 percent
Posted on May 18, 2006 09:22 AM | Posted to Broadband Services | News And Updates | Permalink
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