Exercise of the over-allotment option in Eltel

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BNP Paribas, Morgan Stanley and SEB (the “Joint Global Coordinators”) have today notified Eltel AB (“Eltel”), 3i (and funds managed by 3i) and BNP Paribas [1] that the over-allotment option has been exercised in full in respect of 5,499,818 shares in Eltel.

In connection with the initial public offering of Eltel, 3i (and funds managed by 3i) and BNP Paribas1 granted the Joint Global Coordinators an over-allotment option of up to 5,499,818 shares to be used to cover the over-allotment of shares. The Joint Global Coordinators have today exercised the over-allotment option in full. No stabilisation has been carried out since the listing, and due to Eltel’s share price development, the Joint Global Coordinators have decided to end the stabilisation period.

Following the exercise of the over-allotment option, 3i (and funds managed by 3i) holds 12,524,849 shares in Eltel corresponding to 20.0 percent of Eltel and BNP Paribas1 holds 4,732,625 shares corresponding to 7.6 percent of Eltel.

For more information, please contact:
Gunilla Wikman, Investor Relations Manager at Eltel AB
tel: +46 725 843 630,
gunilla.wikman@eltelnetworks.se

Hannu Tynkkynen, Senior Vice President, Group Communications at Eltel AB
tel: +358 40 3114503,
hannu.tynkkynen@eltelnetworks.com

[1] BNP Paribas S.A. Niederlassung Deutschland

This announcement is not and does not form a part of any offer for sale of securities.

Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.

Any offering of the securities referred to in this announcement has been made by means of a prospectus. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”). Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In any EEA Member State other than Sweden that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can participate in the Offering without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Eltel believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors, which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

About Eltel
Eltel is a leading European provider of technical services to the Infranet industry, which consist of companies that own and operate critical infrastructure networks in the areas of Power, Communication and Transport & Defence. Eltel offers services related to construction, installation, maintenance and operation of critical infrastructure to its blue-chip customer base. Eltel mainly operates throughout the Nordic and Baltic regions, Poland, Germany, the United Kingdom and Africa.

About Us

Eltel is a leading Northern European provider of technical services for critical infrastructure networks – Infranets – in the segments of Power, Communication and Other, with operations throughout the Nordics, Poland and Germany. Eltel provides a broad and integrated range of services, spanning from maintenance and upgrade services to project deliveries. Eltel has a diverse contract portfolio and a growing customer base of large network owners. In 2017, Eltel's net sales amounted to EUR 1.3 billion. The current number of employees is approximately 7,500. Since 2015, Eltel AB is listed on Nasdaq Stockholm.

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