Onetwocom acquires Mobyson to create a broad platform for future growth in mobile services
(Nacka, November 6th 2006) Onetwocom AB has signed a Letter of Intent to acquire the Norwegian mobile services provider Mobyson Holding AS. The transaction, which will provide a solid base for further growth and market consolidation, is based on a Mobyson Holding AS valuation of 250 million NOK. Based on the transaction level of 2, 85 SEK per share, Onetwocom is valued at 170 million SEK. The combined company is suggested named Mobyson AB.
As a result of the proposed transaction, 96 739 275 new shares will be issued. The shareholders of Mobyson Holding AS will after the transaction is finalized own approximately 62* percent of Mobyson AB. The transaction is supported by leading share holders in onetwocom.
- Mobyson AB will remain a listed company, but now with approximately 80.000 GSM customers, solid owners, over 100 million SEK in cash, potential technological advantages and an experienced management. After a period focusing on internal structures and building a new mobile telephony brand, Talkmore, we now see the importance of creating a bigger corporation, both regarding customers and financial resources. We also believe that the added mobile VoIP competences will enhance the value creation in our Swedish company Freetel AB, says chairman Erik Langaker in onetwocom.
A strategy process for the combined company will be initiated as soon as possible.
The work will be completed in February 2007.
- Onetwocom and Mobyson is the good match, both industrially and culturally. Mobyson AB will now be able to provide its customers with some of the best and most innovative mobile phone services on the market, with competitive prices. The new company will have a solid base for building an aggressive, fast growing and focused mobile service provider, says Bent Brugård, who is proposed to take a leading role in Mobyson AB. Today, Brugård is the CEO of Mobyson Holding AS and has previously worked as head of Conax, Data Respons and Telenor Online.
Mobyson Holding owns 100 % of Mobyson, which has around 45.000 private and corporate customers, encompassed by the Noextra and Mobyson brands. Mobyson Holding also controls 100 % of Mobyson Technololgy, a provider of mobile IP services, and 45 % of the mobile VoIP-company VoiceRoaming Technology.
Mobyson Holding has no debt and approximately 90 million NOK in cash.
The largest shareholders in Mobyson Holding prior to the onetwocom transaction is Agder Energi (49,77%), Televenture Management (18,78 %), Vital Forsikring (9,39 %), Fram Management (5,63 %), Sundt AS (5,63 %) og A. Wilhelmsen Capital (4,69 %).
The transaction is subject to due diligence, signing of a final purchase agreement, and approval by the onetwocom AB’s extraordinary general assembly for the issue of new shares as compensation. Further information and time schedule will be presented in the summons for the extraordinary general assembly.
Carnegie is appointed as financial adviser.
For further information, please contact:
Erik Langaker, chairman of the board, onetwocom, tel + 47 97694555
Bent Brugård, CEO Mobyson Holding, tel + 47 90853506
Michael Freudenthal, CEO onetwocom, +46 708640404
onetwocom
Onetwocom provides mobile telephony services and products and is organized in three different businesses; Logistics, Business Solutions and Network Services. The company has 50 employees in Norway and Sweden, with its head office in Stockholm. The company has been listed in Stockholm since 2000. www.onetwocom.com
Mobyson Holding
Mobyson Holding owns 100 % of Mobyson, which has around 45.000 company and private customers, 100 % of Mobyson Technology, that provides mobile IP telephony, and 45 % of the VoIP company VoiceRoaming Technology. Mobyson AS had 7.0 million NOK in negative EBITDA and 26.3 million NOK in operating revenues in 2005. As of August 31st 2006, the company has 26 million NOK in negative EBITDA of operating revenues of 47.3 million NOK, due to major market and technology investments. The company has 20 employees and its head office is in Oslo. www.mobyson.no
Vital Forsikring
Vital Forsikring ASA is Norways largest life and pension insurance company. The company’s total assets at the end of September 2006 were 212 billion NOK.
Agder Energi
Agder Energi is one of the largest energy companies in Norway, measured by total production and number of customers. Agder Energi holds a series of subsidiary companies within hydroelectric power production, distribution network for electrical power and heating, broadband and sales and consultancy companies for a number of services. Agder Energy had an operating result of 950 million NOK by the end of third quarter 2006.
TeleVenture Management
TeleVenture Management manages the Telenor Venture and TeleVenture Private Equity funds. TeleVenture Management has managed 5 funds with a total capital of 1 400 million NOK and has developed seven listed companies since its founding in 1993.
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* Based on 59.558.268 issued shares