Merger between Eltek ASA (NO) and Nera ASA (NO) — NOK 4.2 billion

Carnegie acted as adviser to Eltek ASA in the merger with Nera ASA. The exchange ratio in the merger proposal was one Eltek share per 5.75 Nera shares with 90 per cent of the consideration in Eltek shares and 10 per cent in cash, meaning that Eltek and Nera shareholders will hold approximately 65 per cent and 35 per cent of the combined company, respectively. October, 2006.