DNA’s fourth largest shareholder is selling its 12.97% stake to two of the Finnish mobile operator’s larger holding companies for a total €103m (US$139.3m).
KPY Sijoitus has agreed to equally split its 1,099,596 shares in DNA, which is owned by…
DNA’s fourth largest shareholder is selling its 12.97% stake to two of the Finnish mobile operator’s larger holding companies for a total €103m (US$139.3m).
KPY Sijoitus has agreed to equally split its 1,099,596 shares in DNA, which is owned by former regional telcos that became holding companies, between Finda and PHP Holding at €93.7 per share.
The deal sees Finda, already DNA’s largest shareholder, increase its stake to 39.05%.
PHP Holding will become DNA’s second biggest owner with a 26.24% holding, overtaking Oulu ICT which has 22.17%. The next largest shareholder is Ilmarinen Mutual Pension Insurance Company with 5.01%.
KPY Sijoitus’ decision to exit comes shortly after DNA’s owners called off a €1bn sale of the telco in July. The group had also been mulling an IPO before deciding to grow the business instead.
Finda CEO Jarmo Leino, who is also chairman of DNA, told TelecomFinance that its stake acquisition would not result in a change of strategy, adding that it would not be seeking an IPO in the near term.
DNA is also on the hunt for a new CEO after Riitta Tiuraniemi left at the end of August. She had led the company since 2009, having racked up a total of 14 years with the operator.
