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The move will help Telenor scale up its international operations across Scandinavia
Telenor has completed its expansion into the Finnish market, by acquiring a 54 per cent stake in Finnish Operator, DNA.
The Norwegian operator paid €20.90 per share for the stake, at a total value of €1.5 billion.
“We are pleased to have completed this transaction and begin our story with DNA. As a strong challenger in Finland’s mobile market, DNA complements our operations in the Nordic region, and I am looking forward to welcoming our DNA colleagues to the Telenor family,” said Telenor Group president and CEO, Sigve Brekke.
Telenor purchased the stake from Finda Telecoms Oy and PHP Holdings. Completion of the transaction will trigger a mandatory public tender offer for the remaining outstanding shares in DNA by Telenor. The sale price per share in the mandatory tender offer will be €20.90, the same price as Telenor paid to Finda and PHP.
“As a result of the transaction with Finda Telecoms Oy and PHP Holdings, Telenor’s holding of shares and votes in DNA has exceeded the mandatory offer thresholds. Consequently, we will launch a mandatory public tender offer for all the remaining shares in DNA. We believe the MTO offer price of €20.90 will be attractive to current investors who may consider taking the opportunity to sell and lock in a solid profit,” said Telenor Group CFO Jørgen C. Arentz Rostrup.
DNA provides converged fixed line, mobile and TV services in Finland.
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