Swedish telco Telia has agreed a deal worth NOK21bn (€2.21bn/$2.57bn) to acquire Danish telco TDC’s business in Norway, a move that puts pressure on market leader Telenor.
Telia has acquired GET and TDC Norway at an enterprise value of NOK21bn on a cash and debt-free basis. Telia will combine its mobile network with GET’s television and fixed services to create a strong challenger on the Norwegian market with converged customer offerings.
TDC’s Norwegian business encompasses GET, a leading provider of fixed and television services, with a total of 518,000 households and businesses connected to its fibre-based network, and more than one million private and business customers who use the television and broadband services on a daily basis.
Johan Dennelind, president and chief executive of Telia, said in a statement: “(This deal) will create a leading convergent operator for both consumers and enterprises in Norway which can compete in the market with a lot of attractive and new products and services.”
The TDC deal grants Telia a full range of mobile, fixed-line and television operations in all of its seven Nordic and Baltic markets.
Dennelind told the Reuters news agency that the company, which remains in talks to buy Swedish media group Bonnier Broadcasting, had room for further acquisitions.
The acquisition of GET and TDC Norway is subject to approval from relevant authorities and is expected to be completed in the second half of 2018.