Telenor to purchase majority stake in Finlands DNA for $1.7 billion
Category: #tech  By Mateen Dalal  Date: 2019-04-11
  • share
  • Twitter
  • Facebook
  • LinkedIn

Telenor to purchase majority stake in Finlands DNA for $1.7 billion
  • Telenor has signed separate deals with DNA’s two largest stakeholders – PHP Holding Oy and Finda Telecoms Oy
     
  • The deal marks the entry of the Oslo-based mobile operator in the Finnish telecom market

Telenor, the Norway-based mobile operator, has reportedly announced that it has agreed to purchase a 54-percent stake in Finnish telecommunication company firm DNA for 1.5 billion euros ($1.69 billion). As per trusted sources, Telenor has signed separate deals with DNA’s two largest stakeholders, PHP Holding Oy and Finda Telecoms Oy, which hold 25.8 percent and 28.3 percent shares in the company respectively.

The deal is subject to specific conditions, including the approval by the regulators and the general meetings of the seller entities. The Board of Directors of the sellers would recommend the deals to the stakeholders and convene general meetings that would be held on May 6.

Reportedly, certain shareholders in PHP and Finda have agreed through irrevocable undertakings to vote in favor of the transactions in their respective general meetings. According to trusted sources, Telenor anticipates the transaction to be concluded during the third quarter of this year.

Conclusion of the deal would trigger a mandatory public tender offer for the remaining outstanding shares in DNA by Telenor. Reportedly, Telenor intends to retain DNA’s listing on the Nasdaq Helsinki stock exchange.

According to a press release by Telenor, the company views strong potential for DNA to continue its growth and offer more high-end products along with upselling existing consumer base. The new deal strengths Telenor’s position in the business segment as it would leverage its global scale and robust presence in the Nordic region.

For the record, DNA was established in 2001 as the third local mobile operator of Finland. It was owned by some 40 local telecom operators from across the nation in its early phases.

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More

More News By Mateen Dalal

Apple intends to inaugurate its new $1Bn campus in Texas by 2022
Apple intends to inaugurate its new $1Bn campus in Texas by 2022
By Mateen Dalal

The U.S – China trade war has been terrorizing the global economy since the dawn of 2018. It has affected the overall financial market and global supply chains. This ongoing trade war has had a negative impacted U.S. tech giant Apple’s sh...

Salesforce to use Amazon’s cloud to enhance call center services
Salesforce to use Amazon’s cloud to enhance call center services
By Mateen Dalal

Salesforce will use Amazon Web Services’ technology to turn customer’s spoken words into text.   The partnership will bring Amazon and Salesforce into more direct competition with call center technology service providers. Sales...

FDA warns Dollar Tree regarding the sale of imported adulterated drugs
FDA warns Dollar Tree regarding the sale of imported adulterated drugs
By Mateen Dalal

FDA’s new warning letter is asking Dollar Tree to ensure the company does not import adulterated medicines   Manufacturers mentioned in the letter include Hangzhou Zhongbo and Shanghai Weierya Daily Chemicals Reports confirm that the...