TELNY Telenor ASA (QX)

By Dominic Chopping

Telenor said the Working Group Two software company that it spun out in 2017 will be bought by Cisco Systems in a deal worth $150 million.

The Norwegian telecommunications provider started Working Group Two as a development project before it was spun out, with Telenor as a cornerstone investor and digital infrastructure investment firm Digital Alpha brought in as an investment partner.

The deal sees Telenor sell its 44.6% stake and the U.S. networking-equipment giant will acquire all shares in Working Group Two, it said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 10, 2023 09:59 ET (13:59 GMT)

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