After more than 40 years of operation, DTVE is closing its doors and our website will no longer be updated daily. Thank you for all of your support.
Telenor completes acquisition of majority stake in DNA
Telenor has completed the acquisition of a majority stake in Finnish cable and telecom operator DNA.
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.