• EQT V will accelerate Hafslund Fibernett’s investments to expand network and customer base in the Greater Oslo area
• Cable network veteran Gunnar Asp appointed new Chairman

EQT V has agreed to acquire Hafslund Fibernett AS (“HFN” or the “Company”) from Hafslund Venture for an equity value of NOK 1,477 million. HFN is owner and operator of the largest independent optical fiber network in Norway covering the Greater Oslo area.

HFN serves around 150 customers including Internet Service Providers (ISP), large corporate customers and municipalities. Sales in 2010 are expected to reach approximately NOK 180 million with an EBITDA of approximately NOK 127 million. The Company has grown more than 30% annually over the past three years. Internet traffic continues to increase rapidly and EQT V’s ambition is to substantially expand HFN’s network.

Gunnar Asp will take the role of Chairman of the Board of HFN. Gunnar Asp is Industrial Advisor to EQT and Chairman of, among others, EQT-owned KBW, a leading German cable network operator. Gunnar Asp was also the CEO of StjärnTV and ComHem, two former EQT investments in the cable sector.

“There are many opportunities for developing HFN including continued build-out of the network around Oslo, geographical expansion, as well as potential add-on acquisitions. Our focus is to support management to accelerate growth and ensure the customers receive the best possible service”, says Gunnar Asp.

The transaction is subject to approval from the Norwegian Competition Authority.

EQT V has been advised by Nordea Corporate Finance, Arctic Securities, Bain & Company, PwC and BAHR.

Contacts:
EQT Partners, investment advisor to EQT V
Christian Sinding, Head of EQT Partners Norway, +47 23 23 75 50
Johan Hähnel, Communications & PR +46 8 506 55 334

About EQT
EQT is the leading private equity group in Northern Europe with around EUR 13 billion in raised capital and multiple investment strategies. Together with a superior network of Industrial Advisors, EQT implements its business concept by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, developing them into leading companies. Development is achieved by applying an industrial strategy with focus on growth. Since inception, EQT has invested EUR 8.9 billion in more than 80 companies and exited around 40. EQT-owned companies have more than 500,000 employees.

EQT V makes control investments in high-quality, market leading, medium-sized to large companies in growing industries in Northern and Eastern Europe with a potential for top-line growth.

EQT Partners, acting as investment advisor to the managers of each EQT fund, has more than 100 investment professionals with an extensive industrial and financial competence. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.

More information can be found on www.eqt.no

About Hafslund Fibernett
Hafslund Fibernett (HFN) owns and operates the largest independent dark fiber network in Norway, covering the urban areas in central eastern Norway. HFN serves around 150 customers including Internet Service Providers (ISP), large corporate customers and municipalities with dark fiber. HFN is headquartered at Skøyen in Oslo and has 20 employees.

HFN was founded in 2004 as a part of Hafslund Tokom and has subsequently grown its infrastructure rapidly both organically and through acquisitions. In 2005 Bredbåndsfabrikken was acquired from Telenor and later Priority Telecom Norway and Nittedalsnettet were also added.