Merger between Digi and Celcom in Malaysia completed

Telenor, Axiata and Digi have at present accomplished the merger of the
telecommunication operations of Celcom Axiata and Digi. The brand new firm shall be
named Celcom Digi and can proceed its Digi itemizing on Bursa Malaysia. The
closing of the transaction represents one other step within the execution of the
mid-term technique offered on the Telenor Group capital markets day in
September.

On completion, Axiata obtained newly issued Digi shares representing 33.10
p.c of the enlarged share capital of Digi, and a money consideration of MYR
2.5 billion funded by Digi and to be assumed by the merged entity. Digi additionally
issued shares to Telenor to succeed in equal possession following Telenor's fee of
MYR 0.3 billion to Axiata. 

Celcom Digi would be the largest listed know-how firm on Bursa Malaysia. On
a professional forma foundation for the monetary 12 months 2021, Celcom Digi will serve an
estimated 20 million clients with an EBITDA of round MYR 5.8 billion (round
NOK 12.8 billion). The corporate stay dedicated to the beforehand introduced
synergy goal with web current worth of MYR 8 billion (round NOK 18 billion).
 
Digi shall be deconsolidated and accounted for as an related firm in
Telenor ASA books as of November 30 and all historic accounts shall be
re-presented, presenting Digi as discontinued operation. The brand new affiliate,
Celcom Digi shall be recognised primarily based in the marketplace worth on 1 December 2022 and
accounted for below the fairness methodology going ahead. Based mostly on ebook values of
Digi as of 30 September 2022 and market worth of Digi as of 30 November 2022,
Telenor estimate a achieve of round NOK 30 billion to be recognised in This autumn 2022.
All issues being equal, deconsolidating Digi will improve Telenor Group's web
debt to EBITDA ratio by round 0.1x.    

Telenor Group Professional forma outcomes excluding Digi (NOK million)

	Revenues	EBITDA boi 			
Q421 	24 865		10 148
Q122 	23 811		10 055
Q222 	24 713		10 820
Q322 	25 028		11 352


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Håkon Hatlevik 		+47 90 14 60 70

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