Press release Norvestor divests Phonero

Norvestor invested in Phonero in November 2015. During Norvestor’s ownership, the company has continued to grow its customer base, organically and through the acquisition of Mobitalk AS. Phonero has built a strong brand and captured substantial market share in recent years, both in the private and public sectors of the business market. Telia and Phonero combined will have a market share in the Norwegian business market for mobile communication of approximately 27%. “The acquisition will strengthen Telia’s position and we will become a powerful challenger to Telenor in the business market. We are impressed by Phonero’s achievements in the enterprise market, both in the private and public sectors. The company has experienced solid growth for several years, and I am convinced that we have complementary expertise and complementary solutions that will create added value for customers as they become more digitalized. This is good news for all Norwegian companies and businesses”, says Abraham Foss, CEO of Telia Norway. “For more than eight years Phonero has been a challenger in the corporate market. We are proudof our accomplishments so far, and will continue to build on our legacy of solutions for the business market. We look forward to the next leg of our journey, and I am confident that this will be a good solution for all our customers, as well as our employees”, says Thore Berthelsen, CEO of Phonero. “Management has demonstrated great capacity and capability in terms of gaining competitive advantage in the challenging business market. We are confident that this development will continue. However, the strategic rationale for the transaction is obvious and we are compelled to act on this industrial opportunity. We truly believe Telia and Phonero represent an excellent strategic combination”, says Lars Grinde, Managing Partner of Norvestor. The transaction is expected to close at the latest in Q1 2017, subject to approval from the Norwegian Competition Authorities. Norvestor was advised by ABG Sundal Collier, DNB Markets, BA-HR and EY. For further information: Lars Grinde, Managing Partner, Norvestor Equity AS

Telephone: +47 402 11 444
Email: lars.grinde@norvestor.com
Thore Berthelsen, CEO, Phonero AS
Telephone: +47 404 00 000
Email: thore.berthelsen@phonero.no
Phonero AS was established in 2008. The Company offers high-quality solutions at good value-for money to private businesses and the public sector. The Company is headquartered in Kristiansand and has regional offices in Oslo, Stavanger, Bergen, Ålesund and Trondheim.The 2015 revenue was NOK 1.103 million, pro-forma, including Mobitalk. Read more at www.phonero.no Norvestor Equity AS is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in Norway, having executed 61 investments with 250 follow-on M&A transactions, in addition to executing 41 exits including 14 IPOs. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in Norway and Sweden, with potential to achieve a leading Nordic or international position either through organic growth, through acquisitions or by expanding into new countries. Funds advised by Norvestor are currently invested in the following portfolio companies; Life Europe, Johnson Metall, Sentech (formerly Advantec Sensing), Apsis, Aptilo, Cegal, Marine Aluminium, Crayon, ABAX, Robust, iSurvey, Future Production, Nomor, PG Flow Solutions, Roadworks, Permascand, 4Service, HydraWell, Eneas and Presserv. Read more at www.norvestor.com