Telenor Group has acquired a 54% stake in the Finnish telecom operator DNA for € 1.5 billion, marking its move into Finland.
DNA provides converged fixed line, mobile and TV services in Finland and has 2.9 million subscribers.
“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.
Gaining 100% control
Telenor plans to gain 100% control of DNA. The completion of the Telenor transaction triggers an obligation for Telenor to make a mandatory public tender offer for the remaining outstanding shares in DNA. The tender offer will be launched on 29 August 2019, Telenor says.
“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.
“DNA’s operations will continue as normal and the transaction has no impact on our customers’ services,” a spokesperson for DNA said.