Stein-Erik Vellan named Chief Executive Officer of Globul

Stein-Erik Vellan named Chief Executive Officer of Globul Press Releases: 05 July 2013

Telenor is happy to announce that Stein Erik Vellan will be named CEO of its recently acquired Bulgarian operation, Globul. The announcement follows the EU Commission's approval of the acquisition.

We are pleased that Mr. Stein-Erik Vellan will become Globul's new CEO. I am confident that his experience as former CEO of Telenor Serbia and regional knowledge will benefit Globul in further developing the company's position as the country's second-largest mobile operator, said Kjell Morten Johnsen, Executive Vice President and Head of Region Europe at Telenor.

Mr. Stein-Erik Vellan comes from the position as Head of Mobile in Telenor Norway. Stein-Erik Vellan has vast experience from the CEE region, while heading Telenor Serbia during a two-and-a-half-year period through an important transitional phase. After his posting in Serbia, Stein-Erik Vellan served as Managing Director of Uninor in India in the company's upstart face. Stein-Erik Vellan has also been part of Telenor's Nordic management, successfully heading the Norwegian business market division.

I am delighted to be offered the opportunity to head Globul, one of the leading telecom operators and recognized brands in Bulgaria. I have been passionate about building business throughout my career and now look forward to working with the employees in developing the company further to benefit customers, employees and the Bulgarian society, said Stein-Erik Vellan, named CEO of Globul.

The announcement follows the approval by the European Commission of Telenor Group's agreement with OTE to acquire Bulgarian mobile operator Globul for a total amount of EUR 717 million on a cash and debt free basis.

Globul is the second largest mobile operator in Bulgaria with a market share of 36 percent. The transaction also includes Germanos Bulgaria, the leading telecom retailer in the country operationally integrated with Globul.

Globul has been present in Bulgaria since 2001. At the end of 2012, the company reported 4.5 million subscribers and a 36 percent subscriber market share. In 2012, Globul and Germanos Bulgaria generated revenues of EUR 378 million and EBITDA of EUR 135 million.

Once the transaction is finalized, expected in Q3 2013, Mr. Vellan will be formally appointed CEO of the company.

In Central and Eastern Europe, Telenor Group is currently present in Hungary, Serbia and Montenegro. The company is a leader in terms of mobile revenue share in Serbia and Montenegro.

A photo of Mr. Stein-Erik Vellan may be downloaded here

Contact:

Dag Melgaard,

Communication Manager, Telenor,

Mobile: +47 901 92 000,

E-mail: dag.melgaard@telenor.com

LINK:	http://www.telenor.com/news-and-media/press-releases/2013/stein-erik-v...
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