Orrick's Antitrust Team Secures Merger Clearance for Telenor's Acquisition of Majority Interest in DNA


On 15 July 2019, the European Commission cleared the acquisition by the Telenor Group (“Telenor”) of a majority stake in DNA Plc (“DNA”), the Finnish telecom operator, under the EU Merger Regulation. Orrick is advising Telenor on the merger control aspects of the acquisition.

Telenor on 9 April 2019 entered into agreements to acquire 54% of all shares in DNA for EUR 1.5 billion. Telenor entered into separate agreements with the two largest shareholders of DNA, Finda Telecoms Oy and PHP Holding Oy, which hold 28.26% and 25.78% of all shares in DNA, respectively. Completion of the transaction will trigger a mandatory public tender offer for the remaining outstanding shares in DNA by Telenor.

DNA, based in Helsinki, is the third largest mobile operator in Finland, with 2.9 million subscribers. In addition, DNA is the second largest fixed broadband provider and the largest cable TV provider in Finland. It also offers TV-services via OTT and over its digital terrestrial network (DTT). In 2018, DNA reported revenue of EUR 912 million and EBITDA of EUR 285 million.

Telenor is a global telecom operator, with 174 million customers and operations in eight markets across Scandinavia and Asia. In Finland, Telenor offers TV-services through its Direct-To-Home (DTH) provider, Canal Digital AS. In 2018, Telenor reported revenue of NOK 110 billion and EBITDA of NOK 42 billion. Telenor is stock-listed at the Oslo Stock Exchange.

Dittmar & Indrenius is advising Telenor on Finnish law.

Orrick’s team was led by Douglas Lahnborg and included Matthew G. Rose, Boris Marschall, Alexandra Ames and Benjamin Stafford.