STOCKHOLM, July 17 (Reuters) - Swedish telecom operator Telia Company said on Tuesday it was buying Danish operator TDC’s Norwegian business for 21 billion Norwegian crowns ($2.60 billion) on a cash and debt free basis.
Telia said the acquisition would strengthen its position on the Norwegian market and position the company as a “strong challenger” in mobile, TV and broadband. Norway is the home market of Nordic rival Telenor.
“It is with great excitement and commitment that we announce the agreement to acquire GET and TDC Norway,” Telia CEO Johan Dennelind said in a statement.
TDC’s Norwegian business includes GET, a fiber and TV provider with a total of 518,000 households and businesses connected to its fiber-based network, and TDC’s B2B (business-to-business) business in Norway.
GET also has more than 1 million private and business customers who use its TV and broadband services on a daily basis, Telia said.
“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,” Dennelind said.
In 2017 GET and TDC Norway reported revenues of 4 billion Norwegian crowns and EBITDA (earnings before interest, taxes, depreciation and amortization) of 1.7 billion crowns.
$1 = 8.0859 Norwegian crowns Reporting by Johannes Hellstrom