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4/9, 10:09 AM (Source: TeleTrader)
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Telenor to acquire majority stake in Finland's DNA for $1.7B

Norwegian telecom operator Telenor Group will acquire 54% of Finnish telecom operator DNA Plc for around $1.7 billion, the company announced in a press release on Tuesday.

Telenor also confirmed that it entered into separate agreements with DNA's two largest shareholders, PHP Holding Oy and Finda Telecoms Oy, which hold 25.8% and 28.3% of its shares respectively. Completion of the transaction will trigger a mandatory public tender offer for DNA's remaining shares at the same price as for the current acquisition. The deal is subject to certain conditions and is expected to be completed during the third quarter of this year.

"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,'' said Telenor CEO Sigve Brekke.

Breaking the News / DZ