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Tele2, Telenor create JV for 4G rollout in Sweden

Nordic telecommunication operators Tele2 and Telenor Tuesday said they would form a joint venture to establish a fourth generation wireless network in Sweden, a step that will increase data speeds for customers.

No financial details were given on the 50-50 joint venture, but a Telenor spokesman told Dow Jones Newswires the move is in line with its previously announced capital expenditure expectations.

Telenor said at its fourth-quarter report it expects capital expenditure to be in the range of 15%-17% as a proportion of revenue, excluding licences and spectrum.

Enskilda Securities analyst Ole Kjerkreit said the deal is a step forward for Sweden, but isn't a surprise, especially since a joint venture would allow both companies to save capex by sharing costs.

He rates Telenor at hold with a NOK49 target price and Tele2 at hold with a SEK80 target price.

Telenor trades +7.3% at NOK39.80, boosted by strong performance of its Russian peers since the Norwegian market closed for the Easter holiday last Wednesday.

Tele2 +3.3%, outperforming a broadly higher Stockholm market.

Источник: Total Telecom

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