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€1.5bn: Norway’s Telenor takes controlling interest in Finland's DNA

The deal, which transfers 54 percent of DNA's shares to Telenor Group, is worth 1.5 billion euros.

DNA teleoperaattorin logo.
File photo of DNA logo on storefront sign. Image: Henrietta Hassinen / Yle

Norwegian telecoms firm Telenor has announced that it is buying 54 percent of Finnish telecoms company DNA.

The deal is worth some 1.5 billion euros, but the transaction still needs final approval from the firms' boards as well as regulatory approval.

Telenor said it made separate agreements with DNA's two largest shareholders, Finda Telecoms and PHP Holding, which hold 28.3 percent and 25.8 percent of the shares in the company, respectively.

The Helsinki-based DNA provides mobile and fixed telecom service and is the third largest operator in Finland with 2.9 million subscribers and a 28 percent market share, according to a Telenor press release.

DNA is also Finland's largest cable TV and fixed broadband provider, and reported 912 million euros in revenue last year. Telenor said that it aims to expand and strengthen DNA's market position.

"Telenor sees solid potential for DNA to continue to grow and develop, from continuing to offer more advanced products and upselling existing customers, strengthening its position in the business segment, and leveraging on Telenor's global scale and strong position in the Nordic region," the firm stated in the release.

Telenor said it expects the deal to be completed during Q3 of this year.

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