UPDATE 1-Finnish telecoms firm DNA drops sale
* DNA was in talks with private equity firms
* Also giving up on IPO plans
* Owners may reconsider when market improves - chairman (Recasts, adds chairman comments and background on market)
HELSINKI, July 16 (Reuters) - The owners of Finnish telecoms operator DNA dropped plans to sell the company, after failing to get a satisfactory bid from private equity investors.
They also decided against a stock market listing, Chairman Jarmo Leino told Reuters on Tuesday.
DNA's owners, former local phone carriers in Finland, had been looking to sell their stakes in the business which is competing for customers in a price war with rivals TeliaSonera and Elisa.
Finnish operators, like European peers, have been squeezed by rising costs, falling revenue from voice calls and a failure to turn surging data traffic into profit growth.
Banking sources said earlier this month that Apax, Bain Capital, EQT and Providence had all submitted final-round bids for DNA, which was expected to fetch around 1.3 billion euros ($1.70 billion) in a sale process run by UBS .
DNA said last week that it might seek an initial public offering (IPO).
Leino declined to comment on Tuesday on how much the private equity firms had offered to pay. He said the owners agreed the time was not right for a deal or an IPO.
"If the market situation changes we will probably reconsider the stance," he said.
DNA's largest shareholder is Finda Group, which owns close to 33 percent.
($1 = 0.7664 euros) (Reporting by Terhi Kinnunen; Editing by Erica Billingham)
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- Winning ticket sold in California for Mega Millions lottery: official |
- India removes barriers to U.S. embassy as anger grows over diplomat's arrest
- UPDATE 5-Mega Millions lottery winning tickets sold in California, Georgia -Officials
- China confirms near miss with U.S. ship in South China Sea