The Norwegian telco has acquired a 54% stake in DNA for a total of €1.5 billion following approval of the deal by DNA shareholders and a regulatory green light. The company will be consolidated in Telenor’s accounts from today.
“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.
“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.
The acquisition brings Telenor into head-to-head competition with Telia as the two biggest players in the Nordic market.
DNA is the third largest mobile operator in Finland, with 2.9 million subscribers, a 28% market share. It is also the second largest broadband service provider and operates the country’s biggest cable TV service. In 2018, it reported revenues of €912 million.