Telenor has completed a €1.5 billion deal to acquire a 54 per cent stake in Finnish operator DNA, after receiving the required approvals.

Telenor struck the deal to acquire the stake in the operator from two separate shareholders, Finda and PHP, in April, a move designed to strengthen its position in the Nordic region.

Telenor indicated at the time it expected to seal the transaction in Q3 of this year.

The Norwegian operator agreed a deal to pay €20.90 per share in cash for the stake, totalling €1.5 billion.

As previously announced, Telenor added that the completion of the deal will trigger a mandatory public tender offer for the remaining shares in DNA by Telenor, priced the same as it paid Finda and PHP.

“We believe the Mandatory offer price of €20.90 will be attractive to current investors who may consider taking the opportunity to sell and lock in a solid profit,” Telenor CFO Jorgen Arentz Rostrup added.

Telenor president and CEO Sigve Brekke said it was pleased to have completed the transaction and “begin our story with DNA”.

“As a strong challenger in Finland’s mobile market, DNA complements our operations in the Nordic region,” he said.

DNA is Finland’s third-largest mobile operator, second biggest fixed provider and the market’s leading cable-TV player.