Elmera Group and Telia enters into cooperation on mobile customers

23 Dec 2022 07:30 CET

Elmera Group ASA, acting through its wholly owned subsidiary Fjordkraft AS, has
entered into a share purchase agreement with Telia Company AB (“Telia”).

Fjordkraft AS’ mobile business will be demerged to “Fjordkraft Mobil AS”, a new
limited liability company to be incorporated in Norway, and Telia will purchase
39% of the shares in Fjordkraft Mobil AS. The purchase price will be settled in
cash and is estimated to approximately NOK 120 million, which implies an
Enterprise Value of NOK 385 million. The final purchase price will be based on
number of successfully migrated subscriptions.

The agreement with Telia ensures an attractive mobile offering to Fjordkraft’s
customers. The new five-year contract on mobile services through Telia’s network
that will be implemented upon completion of the transaction will also contribute
to increased profitability in Elmera Group ASA. Fjordkraft Mobil AS will
purchase customer service, operations and branding from Fjordkraft AS.

The transaction is expected to be completed in Q1 of 2023, and the customer
migration will take place in Q2 2023.

For further information, please contact:
Magnar Øyhovden, Managing Director, Fjordkraft AS, +47 404 85 180,
magnar.oyhovden@fjordkraft.no
Henning Nordgulen, Group CFO, +47 952 65 990, henning.nordgulen@elmeragroup.no
Morten A. W. Opdal, Head of Group Accounting, Reporting and IR, +47 970 62 526,
morten.opdal@elmeragroup.no

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