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Telenor cashing in on Greek cell phone company

Seven years ago, the Norwegian telecommunications company Telenor took a chance and bought about a fourth of the stock in the Greek cell phone company Cosmote. Telenor has now sold the whole lot and made a hefty amount of cash.

Telenor paid NOK 500 million (USD 72.5 million) for about one fourth of the stock in Cosmote, and now seven years later, including the dividend and sales revenue, Telenor made a profit of the massive NOK 6.1 billion (USD 884 million).

Telenor bought a share of Cosmote as early as in May 1997, then securing an ownership share of 22 percent. A year later, the company started commercially.

There have been indications that Telenor was going pull out of Cosmote. The sale of stock started some time ago, and Thursday the remaining 9 percent of the stock was sold for NOK 3.1 billion (USD 449 million).

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