Telenor and Unitech Ltd. reaching settlement
October 11, 2012 - London
Telenor and Unitech Ltd. have on 10 October 2012 reached an agreement to amicably settle all disputes between the two parties. The parties are bound by confidentiality obligations, and are therefore not able to provide any further comments on specific terms and conditions in the settlement. However, it can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity (NewCo) controlled by Telenor. Telenor is preparing to participate in the upcoming 2G spectrum auction through this new entity, but will take a final decision on whether to participate at a later date.
Unitech Ltd. has agreed to dispose of its shareholding in Uninor for a nominal amount. Unitech Ltd. shall also continue to retain its economic rights associated with its current shareholding in Unitech Wireless.
With immediate effect, Unitech Ltd. nominees will withdraw from the Uninor Board and all special shareholder rights stands suspended. Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties shall stand withdrawn / concluded.
Glenn Mandelid, Communications Director, Telenor Asia, tel: +66 82440 1122, e-mail: email@example.com
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Telenor via Thomson Reuters ONE