NTEL: Nortel conducts strategic review after having received interest from several potential buyers
Ålesund,15 March 2023. The board of directors of the mobile services provider
Nortel AS has resolved to conduct a strategic review of its business. The review
is the result of inquiries Nortel has received from both Norwegian and
international companies with an interest to buy the company. Nortel has
appointed SpareBank 1 Markets and AGP Advokater as advisors.
- Based on received inquires, the board has asked the management to carry out an
accelerated and structured process to determine the best path forward for the
company, said Arild Hustad, chairman of Nortel's board.
There is no guarantee that the strategic review will result in a transaction,
but the process will provide important clarifications concerning the company's
- Nortel's development has been noticed, and the interest in the company
validates our position as a player with potential for future and profitable
growth. Nortel has a strong and wide-ranging distribution through solid agents,
a strong organization and a well-established brand. We have proven since the
inception, that the company has succeeded with its entrant in the market as a
challenger, says Christian Pritchard, CEO.
The results of the strategic review are expected by the end of the second
For further information, please contact:
Chairman of the board, Arild Hustad, [email protected]
CEO Christian Pritchard, [email protected]
o Nortel was established in September 2019 as a challenger to Telia and Telenor
in the Norwegian business market for mobile services. The company was listed on
Euronext Growth the following year.
o By the end of 2022, Nortel had 71,000 active SIM cards. The company's target
for the coming years is to continue the growth and achieve around 170,000 active
SIM cards by the end of 2025 (which equals a market share of approx. 10% of the
Norwegian telecom business market).
o Nortel is the third largest supplier in the Norwegian telecom business market.
o The company was the the novel supplier in Norway to offer customers limitless
data traffic at a fixed low price, and has since created a new dynamic and
fashioned further development in the Norwegian telecom business market through a
number of innovations.
o Earlier this month, Nortel launched its new solution through which customers
will be able to gather different systems in a single cloud-based communications
This notice is deemed to constitute inside information under the EU Market Abuse
Regulation and is subject to the rules on public disclosure pursuant set out in
the continuing obligations of the rules of Euronext Growth. This stock exchange
announcement was published by Christian Pritchard, on 15 March 2023 at 07:30
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Any forward-looking statements contained in this press release, including
assumptions, opinions and views, represent the sole opinions of Nortel AS and
are subject to risks, uncertainties and other factors that may cause actual
events to differ materially from any anticipated development. Neither Nortel AS
nor its affiliates, employees or advisors provide any assurance that the
assumptions underlying such forward-looking statements are free from errors nor
do any of them accept any responsibility for the future accuracy of the opinions
expressed in this press release or the actual occurrence of the forecasted
developments. Neither Nortel AS nor its affiliates, employees or advisors assume
any obligation to update any forward-looking statements or to confirm these
forward-looking statements to actual results.