Telenor Group’s proposed acquisition of a majority stake in Finland’s DNA has been given the nod by the EC, the Finnish company has confirmed. In a press release DNA noted that the completion of the transaction remains subject to regulatory approval, although it added that Telenor expects the deal to be concluded next month. It also noted that completion of the transaction will trigger a mandatory public tender offer for the remaining outstanding shares in DNA by Telenor, with the latter having announced that the cash consideration per share to be offered in the mandatory tender offer will be EUR20.90 (USD23.4). Subject to the outcome of the offer, Telenor has confirmed its intention to keep DNA’s listing on the Nasdaq Helsinki stock exchange.
As previously reported by CommsUpdate, in April 2019 Norway-based telecoms giant Telenor Group announced it had entered into separate agreements with DNA’s two largest shareholders to acquire 54% of its shares. As per the plans, Telenor Group set out to acquire the 28.3% and 25.8% stakes in DNA held by Finda Telecoms and PHP Holding, respectively, for EUR20.9 per share in cash, for a total consideration of EUR1.5 billion. Telenor Group expects the deal to give it ‘a strong position across fixed and mobile in an attractive and growing telecom market, and further strengthens its position in the Nordic region’.