March 14, 2006

Briefs: Nortel to fully own Glocalnet

The Swedish government Tuesday approved Telenor becoming the sole shareholder of broadband provider Glocalnet.

Telenor had increased its shareholding in the Swedish group to 50.1 percent in early February, and it will now push ahead with having control of all shares.

"The approval from the Swedish authorities was expected, but we are nevertheless pleased that all formal requirements have now been met," said Morten Karlsen Sorby, executive vice president and head of the Norwegian telecommunication group's Nordic unit. "Glocalnet is an exciting business with a clear-cut challenger position in the market, and we look forward to continue to build on the company's success as an integral part of our strong Swedish platform," Sorby added.

Copyright 2006 by United Press International

Citation: Briefs: Nortel to fully own Glocalnet (2006, March 14) retrieved 19 September 2024 from https://phys.org/news/2006-03-nortel-fully-glocalnet.html
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