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Telenor Takes on Telia in Nordics With $3.1 Billion DNA Offer

  • Norwegian carrier buys 54% of DNA, triggering offer for rest
  • Telenor is expanding in Nordics after eastern Europe retreat
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Norwegian mobile operator Telenor ASA is acquiring a majority stake of Finland’s DNA Oyj and will offer to buy the rest for a total of 2.77 billion euros ($3.1 billion), challenging Telia Co. for dominance in the Nordic region.

Telenor will pay 20.90 euros a share in cash for the 54 percent of DNA held by Finda Telecoms Oy and PHP Holding Oy, the company said in a statement on Tuesday. That deal triggers a mandatory bid by Telenor for the rest of DNA’s shares at the same price. DNA stock rose 8.2 percent to 21.10 euros as of 3:04 p.m. in Helsinki.