Telenor sells media unit

Telco decides to stick to telecoms...

Norwegian telecoms group Telenor is to sell its media unit to US private equity group Texas Pacific Group for NOK5.8bn (£453.4m) in cash. The sale is a bid by the company to focus on its core business of telecommunications. Telenor expects the deal to be completed before the end of the fourth quarter. The transaction will give Telenor a book gain of about NOK5bn (£390.8m). Deutsche Bank AG and Credit Suisse First Boston (Europe) Limited jointly advised Telenor on the transaction. Schroder Salomon Smith Barney advised TPG.