Telenor this week announced that it has completed the transaction and has become a majority shareholder in DNA with 54% of the shares and voting rights. DNA is Finland's largest cable operator and the leading pay TV provider.
Telenor will acquire the shares in DNA for EUR 20.90 per share in cash from DNA’s two main shareholders, Finda Telecoms and PHP Holding. Conditions for the completion of the transaction included the approval by the general meeting of Finda Telecoms and PHP Holding, as well as EU Commission and Finnish regulatory approvals.
The completion of the Telenor transaction triggers an obligation for Telenor to make a mandatory public tender offer for the remaining outstanding shares in DNA. Telenor announced today that the tender offer will be launched on 29 August 2019.