Telenor Says Cisco to Buy Spun-Out Software Company Working Group Two in $150 Million Deal
Provided by
Dow Jones
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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