In May 2005 we realised our investment in Cybercity, Denmark’s leading independent provider of internet and broadband services.

At the time of our acquisition in 2000, Cybercity was Denmark’s third largest ISP. An entrepreneurial business, the company had been quick to establish first-mover advantage in a deregulating Danish market and was one of Europe’s first independent DSL (digital subscriber line) access providers.

Led by a new management team, our strategy was to accelerate the company’s growth, significantly increasing its share of the fast-growing Danish DSL market to create a highly strategic asset in one of Europe’s most exciting and high-growth broadband environments. Despite difficult market conditions in the early stages of the investment, the business was successful in transitioning itself from a dial-up ISP to the country’s leading independent and fastest growing broadband service provider, securing an overall DSL market share of 12%. Maintaining its entrepreneurial heritage, Cybercity has remained at the forefront of industry developments, utilising new technologies to provide a range of enhanced customer services such as voice over DSL and bandwidth on demand. Telenor’s (OSLO: TEL) acquisition consolidates their position in the Danish telecoms market, realising significant network and technology synergies by combining Cybercity with their Danish mobile subsidiary, SONOFON.