Telia, Sweden's biggest telco, is set to complete the €2.2bn acquisition of TDC's Norwegian business.
Announced in a statement on Tuesday morning, the deal will strengthen Telia’s position in the Norwegian market and will position the company as a strong challenger in mobile, TV and broadband due to the encompassing of TDC's GET - the fixed services and TV specialist - as part of the agreement.
GET has a total of 518,000 households and businesses connected to its fiber-based network, and more than a million customers who use the TV and broadband services on a daily basis. In 2017, GET and TDC Norway reported revenues of NOK 4bn and EBITDA of NOK 1.7bn.
"It is with great excitement and commitment that we announce the agreement to acquire GET and TDC Norway," said Johan Dennelind, President and CEO of Telia Company. "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 fiber."
The acquisition of GET and TDC Norway is subject to approval from relevant authorities and is expected to be completed in the second half of 2018.