Elisa chases Saunalahti

8 Jul 2005

The Finnish telco Elisa is preparing a EUR320 million takeover offer for rival firm Saunalahti. Elisa will offer one of its own shares for every 5.6 shares in Saunalahti, which provides a range of telephony and internet services. Elisa says it has already confirmed the participation of at least 50% of Saunalahti’s shareholders. Helsinki-based Elisa says the combined company will be well-placed to challenge TeliaSonera to become Finland’s largest mobile operator; Elisa claims around 1.5 million mobile customers and Saunalahti resells services to almost 420,000 users, while TeliaSonera has around 2.9 million subscribers.