Telenor Says Cisco to Buy Spun-Out Software Company Working Group Two in $150 Million Deal
August 10 2023 - 10:14AM
Dow Jones News
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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