On 9 April 2019, PHP Holding Oy (“PHP”) has entered into an agreement to sell all of its shares in DNA Plc (“DNA”) to leading Norwegian telecoms group, Telenor Group (“Telenor”). PHP is the second largest shareholder in DNA, owning 25.78 per cent of all shares in DNA. HPP is acting as legal adviser to PHP in connection with the transaction.
In connection with this transaction the largest shareholder of DNA, Finda Telecoms Oy (“Finda”) has also agreed to sell all of its shares in DNA to Telenor in a separate transaction. Finda owns 28.26 per cent of all shares in DNA. The aggregate value of DNA shares to be sold by PHP and Finda to Telenor is approximately EUR 1.5 billion.
Pursuant to the transaction terms, the completion of sale of the DNA shares owned by PHP will require, inter alia, approval by the general meeting of PHP and the receipt of required regulatory approvals. Telenor expects the transaction to be completed during the third quarter of 2019. Completion of the transactions will trigger a mandatory public tender offer by Telenor for the remaining outstanding shares in DNA.
(The European Comission cleared the acquisition on 15 July 2019).