Telenor Broadcast has sold its subsidiary Conax, a provider of solutions for securing digital video content distribution on all networks and devices, for NOK 1,509 million to Swiss-based Kudelski Group.
Conax has a market share of approximately 7 percent and serves approximately 380 customers worldwide representing 140 million pay-tv consumers in over 85 countries.
The sale of Conax to rival Kudelski Group marks an important step for Telenor Broadcast in pursuing its stated strategy of focusing on its core activities within the Telenor Group. The acquisition of Conax by Kudelski Group will benefit Conax’ customers, including Telenor Broadcast owned Canal Digital in the Nordics.
In 2013, Conax had revenues of NOK 627 million, EBITDA of NOK 243 million and CAPEX of NOK 44 million. The transaction is expected to be finalized in April 2014, and Telenor will report a gain of approximately NOK 1.3 billion.
