Telenor Group increased its share in Finnish operator DNA to almost 95 per cent after completing a mandatory tender offer, as it recruits for an executive to run its expanded regional division.
The Norway-based operator group completed the acquisition of 54 per cent of DNA in August and subsequently opened an offer to buy all remaining shares. After building a sizable stake on closing its first tender offer yesterday (26 September), the deal has been extended to 10 October, as it attempts to buyout other minority stakeholders.
In a market update, Telenor announced it had also began the process of absorbing DNA into its wider business and plans to bring it into a newly formed Nordic Cluster. The company is currently hunting for an executive to lead the new segment of the company.
Although details of its new structure have not been formally revealed, it looks likely the newly badged Nordic Cluster of business units will contain what is currently in its Scandinavia Cluster, but with the addition of its business in Finland.
Ahead of the shake-up, Telenor’s acting Scandinavia Cluster head Morten Karlsen Sorby will leave the company after 15 years in the company’s executive management team.