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EU Commission approves majority sale of DNA to Norway’s Telenor

Telenor said the transfer of 54 percent of DNA shares, in a deal worth some 1.5 billion euros, will be complete in August.

DNA teleoperaattorin logo.
Telenor said that once the deal is complete, it plans to launch a required tender offer for the remaining shares in DNA. Image: Henrietta Hassinen / Yle

The European Commission announced on Tuesday that it has approved the transfer of more than half the shares of Finnish mobile operator DNA to Norwegian telecoms firm Telenor.

The commission said the sale was not a threat to competition in the telecom sector.

Telenor will buy 54 percent of DNA shares from two other firms - Finda Telecoms and PHP Holding, which own 28.3 and 25.8 percent of the firm, respectively. The Norwegian telecoms giant initially announced the deal in April.

"Our acquisition of a majority stake in Finland’s DNA has been approved by the European Commission, and we expect completion of the deal in August," Telenor announced in a press release issued Tuesday.

Telenor said that once the deal is complete, it plans to launch a required tender offer for the remaining shares in DNA.

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 an earlier Telenor release.

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