Norway's state-owned telecoms operator, Telenor, has agreed to acquire a majority stake in Finnish telecoms operator, DNA, according to a company statement. Telenor has reached an agreement with each of DNA's largest shareholders…
Norway's state-owned telecoms operator, Telenor, has agreed to acquire a majority stake in Finnish telecoms operator, DNA, according to a company statement. Telenor has reached an agreement with each of DNA's largest shareholders, Finda Telecoms Oy and PHP Holdings OY, to acquire a 54 per cent share in the company. Telenor will pay around €1.5 billion to secure the stake.
“I am very pleased to announce today’s transaction and our entry into Finland, the fastest growing mobile market in Europe. DNA is an exciting addition to Telenor Group, and a natural complement to our existing operations in the Nordic region. Not only are we strengthening our footprint in the Nordic region, we are also gaining a solid position across fixed and mobile in the Finnish market and making room for further value creation," said Telenor group chief executive Sigve Brekke.
DNA is Finland's third largest mobile network operator, with 2.9 million subscribers – a near 30 per cent market share of the Finnish market. DNA is also a key player in the country's fixed line broadband market. Telenor has identified "solid potential" for growth in DNA's fixed line and mobile offerings.
"I would like to congratulate DNA’s management and all employees for the impressive journey taking the business to what it is today. We will continue to invest in DNA and will support the team in their focus on delivering high-quality services to the customers in Finland. I am looking forward to welcoming all DNA employees to the Telenor family and to an exciting future ahead of us,’’ Brekke added.
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