Telenor completes DNA transaction

Telenor Group announced on 9 April 2019 that it had entered into separate agreements with Finda and PHP to acquire 54% of the shares in the Finnish telecom operator DNA for EUR 20.90 per share in cash, in total EUR 1.5 billion (approx. NOK 15 billion). Following approval by the general meetings of the sellers and required regulatory approvals, the transaction has today been completed. In Telenor Group’s financial reporting, DNA will be consolidated from 21 August 2019.

“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.

As previously announced, completion of the transaction triggers a mandatory public tender offer for the remaining outstanding shares in DNA by Telenor. The cash consideration per share to be offered in the mandatory tender offer will be EUR 20.90, which is the same price as in the transactions with Finda and PHP.

“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.