TDC acquires Fullrate

March 12 2009

TDC acquires Fullrate
Today, TDC announces that TDC A/S has entered into a Share Purchase Agree-ment to acquire 100 per cent of the share capital of Fullrate A/S.

Fullrate has been one of the most successful broadband providers in Denmark the past few years with good customer experiences at low prices. The company offers nationwide telephone and broadband internet access, and since February this year, Fullrate also offered mobile broadband.

“We are excited about Fullrates business concept that is extremely customer fo-cused and very simple, as the company’s success also shows. That is why we are very pleased that we have an agreement in place," says TDC's Managing Director and CEO Henrik Poulsen.

Fullrate has experienced rapid growth from the beginning in 2006. Fullrate pub-lished a net revenue of DKK 181m in 2008, which is twice as much as in 2007. Profit (EBITDA) was in 2008 DKK 35.7m compared to a profit of DKK 15.4m in 2007.

"Fullrate has developed substantially, and now has the best opportunities to con-tinue this development. The company is a textbook example of the type of venture activity, which we in SEED Capital seek to contribute to and succeed in," says chairman and partner of SEED Capital, Lars Andersen.

Fullrate will remain an independent brand in the TDC group, and the current man-agement will continue.

"We are proud of the development in Fullrate, and we look forward to working closely with TDC in the future, where we must continue to offer our customers high speed internet access at low prices," says Fullrates Managing Director Stig Myken.

"Fullrate will be a new strong brand in TDC group and I have high expectations to the company. Therefore, it is also important that the management stays to ensure continuity," stresses Henrik Poulsen.

Fullrate has 110 employees and doubled the customer base in 2008, so the com-pany had more than 76,000 residential and business customers, equivalent to app. 4 per cent of the Danish broadband market. The company expects to con-tinue the strong growth prospectively.

More information:
TDC Press, tel. +45 70 20 35 10
Tdc.com/press

Fullrate:
Managing Director Stig Myken, tel. +45 42 12 42 00
Chairman, partner in SEED Capital, Lars Andersen, tel. +45 27 11 11 33