MobilCom signs network financing agreements with Ericsson and Nokia

date: May 29, 2001

MobilCom said on Monday the total volume of the financing contract amounts to €2.2 billion with Ericsson and Nokia, which had already signed in April but were not disclosed by the three parties.

The conclusion of the financing agreement takes MobilCom a giant step down the road to the start of our UMTS network. All conditions have been fulfilled and the company expects to kick off the UMTS business on schedule in mid-2002.

All three parties have agreed not to disclose any details of the financing contract. MobilCom plans to put its UMTS network into operation in the middle of 2002. By the end of 2003, the company expects to have built 8,500 base stations so that UMTS access is assured for 40 to 50 percent of the population.

Nokia is understood to be providing more than half of the financing, which joined Ericsson on the Mobilcom contract.

Vendor financing deals will help already heavily in-debt 3G license holders in lowering 3G implementation cost.

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last updated: January 12, 2004

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