Telenor completes DNA transaction, announces mandatory tender offer for remaining shares in DNA

(Fornebu, 21 August 2019) 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.

Published: 21 August 2019 09:36

Reading Time: 2 minutes

“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.

Telenor Group CFO Jørgen Rostrup will host an investor meeting for DNA shareholders in Helsinki today. The meeting will be available as a conference call:

Investor call with Telenor Group CFO, Jørgen Rostrup

When: Wednesday 21 August, 1200 EEST / 1100 CEST/1000 UK TIME

Where: Helsinki, Finland

To participate in the conference call, dial:

  • +358 (0)9 7479 0361 (local Finland)
  • +47 2100 2610 (local Norway)
  • +46 (0)8 5033 6574 (local Sweden)
  • +44 (0)330 336 9125 (local UK)
  • + 1 929-477-0402 (local US)

Please state confirmation code 3770959, your name and company to the operator

For the Q&A session: to queue up for questions please press *1

Presentation material will be available at www.telenor.com/ir

Investor Relations:

Øystein Myrvold
Tel: +47 992 30 460
oystein.myrvold@telenor.com

Håkon Hatlevik
Tel: +47 901 46 070
hakon.hatlevik@telenor.com

Media Contact:

Jonathan Higgins
Tel: +47 9011 06 06
jonathan.higgins@telenor.com