Telekom Austria gives up shares of HEROLD Business Data AG (Ad hoc Release)
Vienna, May 5, 2003 - Telekom Austria AG (VSE:TKA; NYSE:TKA) announces the sale of its 26% stake in HEROLD Business Data AG.
After HEROLD won the contract to publish Austria's telephone directories in 1997, Telekom Austria purchased a 26% stake in the company in 1998. The other shares were held by GTE Information Services Incorporated, USA. After the Merger of GTE and Bell Atlantic HEROLD became a subsidiary of Verizon Information Services, the world's largest provider of directories in printed and electronic form.Verizon Information Services is also selling its yellow pages operations in the Czech Republic, Hungary, Poland, Slovakia and Gibraltar and decided therefore to sell its 74% stake in HEROLD Business Data AG. After a thorough evaluation of the offer of the buyer-group and in line with the company's refocusing on the core business Telekom Austria also decided to sell its 26% share in HEROLD Business Data AG. The business relationship which started in 1997 remains and will continue in the future. This means that Austrian telephone directories will be published by HEROLD Business Data AG in the same proven way as before.
The shares will be taken over by a group led by the two funds: Veronis Suhler Stevenson und 3i. There will be no statement in relation to the purchasing price.
The agreement applies provided that all the conditions still outstanding are settled satisfactorily.
Contact:
Gerald Wechselauer
Telekom Austria AG
Investor Relations,
Tel.: +43 (0) 590591-20922
E-mail: gerald.wechselauer@telekom.at
