The transaction, which is subject to approval from the relevant authorities, is expected to be completed in the second half of this year.
The Danish operator TDC’s Norwegian business encompasses Get, which has a total of 518,000 households and businesses connected to its fibre-based network, and more than 1 million private and business customers who use its TV and broadband services on a daily basis. TDC’s B2B business in Norway is also part of the transaction.
Commenting on the acquisition, Johan Dennelind, president and CEO of Telia Company, said: “It is with great excitement and commitment that we announce the agreement to acquire Get and TDC Norway. It 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. This transaction is beneficial for the Norwegian customers and society. We are building a great company with passionate employees where we have invested heavily in our mobile network which now covers 98 percent of the country. As part of Telia Company, Get will continue to invest in the rollout of broadband and fibre”.
He added: “We have a history of successful acquisitions in Norway and I am fully confident that this transaction will be no exception. I’m very much looking forward to welcoming Get’s and TDC Norway’s employees and customers to Telia Company”.
In 2017, Get and TDC Norway reported revenues of NOK4 billion and EBITDA of NOK1.7 billion.
The acquisition is estimated to incur integration costs of NOK200 million in both 2019 and 2020.
Bank of America Merrill Lynch, LionTree Advisors, EY and Simonsen Vogt Wiig acted as advisors to Telia Company in connection to the transaction.