Telenor Group has entered into agreements to acquire 54 per cent of the shares in the Finnish telecom operator DNA for €1.5 billion. With the transaction, Telenor said it gets a strong position across fixed and mobile in an attractive and growing telecom market, and further strengthens its position in the Nordic region.
Telenor has entered into separate agreements with DNA’s two largest shareholders, Finda Telecoms Oy and PHP Holding Oy, which hold 28.3 per cent and 25.8 per cent of the shares in the company, respectively.
The transaction is subject to certain conditions, including the approval by the general meetings of the seller entities and required regulatory approvals. The Boards of Directors of the sellers will recommend the agreements to the shareholders and convene general meetings to be held on May 6th.
Telenor expects the transaction to be completed during the third quarter of 2019.
DNA, based in Helsinki, is an integrated fixed and mobile telecom operator with a solid market position in the fastest growing mobile market in Europe. The company is the third largest mobile operator in Finland, with 2.9 million subscribers and 28 per cent market share.
“I am very pleased to announce today’s transaction and our entry into Finland, the fastest growing mobile market in Europe. DNA is an exciting addition to Telenor Group, and a natural complement to our existing operations in the Nordic region. Not only are we strengthening our footprint in the Nordic region, we are also gaining a solid position across fixed and mobile in the Finnish market and making room for further value creation. I would like to congratulate DNA’s management and all employees for the impressive journey taking the business to what it is today. We will continue to invest in DNA and will support the team in their focus on delivering high-quality services to the customers in Finland. I am looking forward to welcoming all DNA employees to the Telenor family and to an exciting future ahead of us,” said Telenor Group Chief Executive Sigve Brekke.