Telia Company has confirmed the completion of its takeover of local operators TDC Norway and GET, just weeks after the Norwegian Competition Authority (Konkurransetilsynet) approved the deal. In a press release regarding the development, the Sweden-based group claimed that the transaction ‘will position [it] as a strong challenger in mobile, TV and broadband on the Norwegian market’. Both GET and TDC Norway will be consolidated into Telia Company’s reporting as of 15 October 2018.
As previously reported by CommsUpdate, in July 2018 Telia Company inked a deal to acquire GET and TDC Norway at an enterprise value of NOK21 billion (USD2.6 billion), on a cash and debt free basis. The Swedish group has said it expects to generate full run rate synergies of NOK700 million by 2021 from B2C and B2B cross-sales, churn reduction, CAPEX optimisation and other cost efficiencies.