Norway’s Telenor Group has completed its purchase of a 54% stake in Finnish quad-play operator DNA Finland in a cash deal valued at EUR1.5 billion (USD1.7 billion). Telenor confirmed in a press release that it concluded separate agreements with DNA’s two largest shareholders – Finda Telecoms Oy and PHP Holding Oy – to acquire a combined 54% holding for EUR20.90 per share. Finland’s Ministry of Economic Affairs & Employment approved the deal yesterday, following EC approval last month.
In line with previously announced plans, Telenor confirmed that the deal’s completion will trigger a mandatory public tender offer for the remaining outstanding shares in DNA; the offer period is expected to run from 29 August to 26 September 2019, subject to approval from the Finnish Financial Supervisory Authority. The cash consideration per share in the mandatory tender offer will remain at EUR20.90.
Telenor Group president and CEO Sigve Brekke commented: ‘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.’