Telia Company has received approval from the Norwegian Competition Authority for its deal to acquire GET and TDC Norway.
Telia Company first announced the $2.6 billion acquisition in July 2018. Telia Company will combine its mobile network with GET’s supreme TV and fixed services to create a strong challenger on the Norwegian market with converged customer offerings.
The merged companies will have about 2.3 million mobile customers, and about 1.8 million people will use GET’s and TDC Norway’s broadband and TV services on a daily basis. The purchase price of NOK 21 billion corresponds to an EV/EBITDA multiple of 12.1x based on 2017, and 9.0x including expected synergies. Telia Company expects to generate full run rate synergies of NOK 0.6 billion by 2021 from B2C and B2B cross-sales, churn reduction and other cost efficiencies. The acquisition is estimated to incur integration costs during 2019 and 2020 of approximately NOK 200 million annually.