The company was established in 1994 by Telenor, Telia and Sonera, in alliance with Russian partners (51%). North-West GSM was Telenor's first mobile venture in Russia.
The sale of its share in North-West GSM is in line with Telenor's strategy in the mobile area with focus on increased ownership control in foreign companies and respectively disposal of minority stakes.
The sale will give Telenor a recorded gain of approximately USD 40 million or approximately NOK 370 million.
Telenor ASA
Telenor ASA is an international provider of high quality telecommunications, data and media communication services, with a particularly strong focus on mobile, Internet and broadband services. Headquartered in Oslo, Norway, the company is present in over 30 countries, with revenues of NOK 37.6 billion (US$4.3 billion) in 2000. Internationally, Telenor continues to target investments within mobile, Internet, TV-distribution and satellite communications, constantly providing its worldwide customers with leading-edge solutions at competitive prices. Telenor ASA is listed on the Oslo Stock Exchange (TEL) and Nasdaq in New York (TELN).
Telenor Mobile ("TM")
TM is the mobile business area of Telenor, offering voice, data, Internet, e-commerce and content services. TM is one of the world's most advanced mobile operators with a leading position in the Norwegian market and with ownership in 14 mobile companies throughout the world. TM's total number of subscribers as of year-end 2000 was approximately 5.9 million - 2.3 million in Norway and 3.6 million abroad - calculated on an equity basis.
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