News
Finnish fixed-line firm comes out on top despite competition from incumbent Sonera, mobile operator DNA.
Finland’s Anvia will move forward with the sale of its telecoms business to shareholder Elisa after its extraordinary general meeting voted in favour of the deal, despite the emergence of a number of rival bidders.
The EGM approved the company’s corporate restructuring and plan to sell Anvia Telecom, plus Anvia’s ICT, hosting, TV, and Watson streaming video businesses for €107 million, the company announced late on Wednesday.
The transaction will close on 1 July, Anvia said.
Elisa, which holds a 38.1% stake in Anvia, made its offer for the telecoms businesses in May. Its bid triggered interest from other companies including Finland’s telecoms incumbent Sonera, a subsidiary of Telia Company, and Finnish mobile operator DNA.
The latter confirmed earlier this week that it would pay €120 million in cash for the five business units, insisting that its bid was "clearly more favourable for the shareholders of Anvia," than Elisa’s.
Apparently the shareholders disagreed.
Anvia CEO Mika Vihervuori said the firm’s board of directors proposed the Elisa agreement to the EGM "after carefully weighing the different options."
The uncertainty surrounding the company’s future seriously affected its results, he added. Now a decision has been made, the firm can start to look to the future, he said.
