Telenor Group Sells Stake in Allente to Viaplay Group
Telenor Group recently announced a significant decision to sell its 50% stake in Allente to Viaplay Group for SEK 1.1 billion. This move reinforces Telenor's strategic alignment and further paves the way for Allente's growth under Viaplay's leadership.
About Allente and Its Formation
Allente was established in May 2020 through the merger of Canal Digital and Viasat, combining the strengths of both companies. As a leading distributor of premium TV content, Allente caters to residential subscribers and business clients across the Nordics, offering a wide range of entertainment options. The collaboration has enriched the viewing experience for countless users, and the upcoming transition promises to maintain service continuity.
Dan Ouchterlony's Perspective
“We are proud of what has been accomplished together with Allente and Viaplay over the past five years. As the company enters its next chapter, there is a better fit with Viaplay’s strategy than with Telenor’s. We’re confident the company will be in the right hands going forward,” expressed Dan Ouchterlony, the EVP of Telenor Amp. This statement reflects Telenor's commitment to supporting Allente's future as it transitions to a new ownership structure.
Financial Aspects of the Transaction
The agreement stipulates that Telenor will receive SEK 1.1 billion in cash as part of the deal, which reflects an enterprise value of SEK 3.1 billion for Allente. Over the years, the joint venture has proved to be profitable, distributing SEK 4.4 billion in dividends to its shareholders. This financial outcome showcases the success and robust performance of Allente since its inception.
Viaplay's Vision for Allente
Viaplay's President & CEO, Jørgen Madsen Lindemann, expressed enthusiasm about taking full control of Allente. “We have had a mutually beneficial cooperation with Telenor over the years, and we are excited to take full ownership of Allente. Building on the strong foundation we’ve created together, we look forward to further enhancing Allente’s offerings and delivering top-notch entertainment experiences to our customers,” he remarked. This vision for Allente's future promises to amplify the quality of services that customers have come to expect.
Looking Ahead: Expected Close of the Transaction
The transaction is anticipated to close within six to nine months, pending necessary regulatory approvals in Norway, Sweden, and Denmark. This timeline underscores Telenor and Viaplay's commitment to a smooth transition, ensuring that customers experience no disruption in services during the changeover.
Contact Information
If you have any inquiries regarding this transaction or its implications, please reach out to the Telenor Group’s media contacts:
Tobias Gausemel Backe
Press contact, Telenor Group
+47 975 47 778 | tobias-gausemel.backe@telenor.com
Thomas Midteide
SVP Communications, Telenor Group
+47 962 32 017 | thomas.midteide@telenor.com
Frequently Asked Questions
What is the value of the deal between Telenor and Viaplay?
The overall value of the transaction is SEK 1.1 billion, which Telenor will receive for its 50% stake in Allente.
When was Allente formed?
Allente was formed in May 2020 through the merger of Canal Digital and Viasat.
What will happen to Allente's customers during this transition?
Customers will continue to receive the same high-quality services as before, with no expected disruptions.
How long will it take for the transaction to close?
The transaction is expected to close within six to nine months, pending regulatory approvals.
Who can I contact for more information about this announcement?
You can contact Tobias Gausemel Backe or Thomas Midteide from Telenor Group for inquiries regarding the announcement.
