Copenhagen-based telecoms group TDC has entered into an agreement to divest its subsidiaries TDC Finland and TDC Hosting to Finish telco DNA for a total cash consideration of DKK1.15 billion (USD213.63 million) on a cash and debt free basis. Further, the two companies have concluded a strategic agreement for the delivery of services in Finland and other Nordic countries, which will result in ‘an enhanced cooperation’ between the two operators and will allow TDC to continue delivering services in Finland to support new and existing pan-Nordic business subscribers and international wholesale customers. The divestment is subject to merger control approval from the Finnish competition authorities and is expected to be finalised in 2Q14, with all of TDC’s Finish subscribers set to be migrated to DNA’s platform over a 24-month period. If approved, the Finnish subsidiaries’ activities will be classified as ‘Discontinued operations’ in TDC’s consolidated financial statements.
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