Mobile and communications company Ice Group sees an extraordinary rally on the Oslo Stock Exchange on Wednesday. The company rose as much as 342 percent before trading was suspended. When trading reopened, the stock price fell sharply. Ice Group ended the trading day 95.60 percent higher.
The stock rose sharply with low turnover. On Wednesday, Ice Group shares were trading for NOK 9.2 million.
In February, it was announced that Lisi would buy Ice Group Scandinavia in an agreement worth NOK 5.6 billion. With this, Lyse secures control of the Ice Communication Norge, Phonepartner Norge Holding and Ice Retail Holding as companies.
Industrially, Lyse-owned telecommunications company Altibox has what Ice lacks and vice versa if the companies are to become a full-fledged competitor to Telenor and Telia. In all, Ice and Altibox have 1.5 million customers on mobile, broadband, and TV.
Ice Group will be left with three billion crowns after the acquisition, but will have to spend most of the amount on resolving the dispute with Goldentree and settling with lenders. In total, the costs will be NOK 2.9 billion, and the company wrote in a stock exchange announcement that there will be little left for shareholders.
The mobile and communications company is listed on the Oslo Stock Exchange with a market capitalization now of NOK 460.6 million.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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