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Telenor reports ownership of nearly 95 percent of Finnish telco, DNA; begins process to form a new Nordic cluster

After completing the initial mandatory tender offer (MTO) period for shares in Finnish telco, DNA, Telenor Group today reports a preliminary holding of 94.36 percent of DNA shares and will extend the MTO offer period until 10 October 2019.

Fornebu – WEBWIRE

After acquiring 54 percent of the shares in DNA from Finda and PHP on 21 August 2019, Telenor launched a mandatory tender offer for all remaining shares in DNA. During the initial MTO offer period ending on 26 September 2019, Telenor achieved a preliminary acceptance rate of close to 95 percent from DNA minority shareholders.

After the completion of the tender offer and following the end of the extended offer period, Telenor will make a redemption claim to any remaining minority shareholders of DNA in accordance with the Finnish Companies Act in order to redeem all the remaining shares, and thereafter DNA will apply for delisting of its shares from Nasdaq Helsinki.

“Telenor Group sees great potential for DNA to continue to grow and develop. This includes strengthening its customer offerings and position in the business segment, as well as leveraging on Telenor’s global scale and strong position in the Nordic region,” said Telenor Group CFO, Jørgen C. Arentz Rostrup, “This marks another step in executing on our strategic agenda, focusing on modernisation and value creation within core telecom in the Nordics and Asia.”

Telenor’s holding company in Finland yesterday announced a two-week extension of the MTO offer period, providing the remaining DNA shareholders with a possibility to accept the tender offer. The new offer period will run until 10 October 2019, unless further extended.

New Nordic Cluster, leadership change

With the Finnish market now officially within Telenor Group, the process to form a new Nordic cluster has begun, and the selection of a Nordic Cluster head is in progress. Morten Karlsen Sørby, EVP and Acting Head of the current Scandinavia Cluster, will step down from his role after 26 years at Telenor and 15 years as part of Telenor’s Group Executive Management. Sørby is departing Telenor to explore new opportunities to serve on corporate boards and to work with venture capital and private equity enterprises.

“Morten has been one of the longest serving EVPs in Telenor. He has been instrumental in developing and implementing our customer centric business strategies and has helped lead many of our transformational processes over the years,” says Sigve Brekke, President and CEO of Telenor Group.

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