HNA/HNB - Hafslund sells fiber network activity

Hafslund Venture has sold Hafslund Fibernett AS to the PE fund EQT V. The buyer will take over the company with customers, personnel and equipment.  

The buyer pays Hafslund NOK 1,477 million for 100 % of the shares in Hafslund Fibernett AS. The transaction will give a profit of approximately NOK 900 million. The transaction is only subject to approval from the Norwegian Competition Authority and will be implemented upon approval. Hafslund will receive NOK 1,167 million of the purchase price in cash and will grant a loan of NOK 310 million with maturity up to 7 years.

The Hafslund Group's recent development has gone towards development of renewable energy as well as infrastructure for energy, while the group grows in power sales. The sale of the fiber network activity is a natural step to cultivate this strategy.

- We are proud of the development Hafslund Fibernett has had and the company can boast a very strong market position. We are pleased to bring this company forward into a new growth phase with new owners, says SVP for Hafslund Venture, Tore Schiøtz.

Hafslund has been advised by Pareto Securities and Wiersholm.

Hafslund ASA
Oslo, 22 December 2010

For further information, please contact:
SVP Venture, Tore Schiøtz, tel. + 47 915 21 719
tore.schiotz@hafslund.no

SVP Communications, Karen Onsager, tel. + 47 920 87 007
Karen.onsager@hafslund.no

Hafslund Fibernett AS at a glance
Hafslund Fibernett owns and operates the largest independent optical fiber network in Norway, covering the urban areas in central eastern Norway. HFN has 2,300 km of fiber routes, 200,000 km of fibers, and serves around 150 customers including Internet Service Providers (ISP), large corporate customers and municipalities with dark fiber. The fiber network activity has 20 employees and has its headquarter in Oslo. The fixed assets had a book value of approximately NOK 540 million as of 30 September 2010. Profit and loss account: