BT has an option to buy E.ON’s 45 per cent stake in Viag Interkom for 6.65 billion Euro. E.ON has an option to sell the 45 per cent stake to BT for slightly less. BT will after the transaction own 90 per cent of Viag Interkom. The agreement between BT and Telenor means Telenor’s ten per cent stake may be sold to BT on the same terms as E.ON before the end of the year, or that BT may buy the stake within three months after this period. Telenor has made no decision to sell and BT has made no decision to buy.
”The acquisition will not affect the present UMTS auction in Germany, and will strengthen Viag Interkom,” says CEO of Telenor Mobile Communications, Arve Johansen. Telenor has invested in all 440 million Euro in Viag Interkom since 1997.