DNA shareholder Oulu ICT has sold its 26% stake to partners Finda and PHP Holding for €210.8m (US$288m).
In a statement on Monday, Oulu ICT said that following negotiations, it has agreed to sell its two million shares in Finland’s third largest…
DNA shareholder Oulu ICT has sold its 26% stake to partners Finda and PHP Holding for €210.8m (US$288m).
In a statement on Monday, Oulu ICT said that following negotiations, it has agreed to sell its two million shares in Finland’s third largest mobile operator.
The deal – which will see Finda’s stake increase to 49.9% from 37.12% and PHP’s to 37.6% from 24.31% – comes a month after Oulu ICT entered a deal with the two companies to buy out smaller shareholder KPY Solutions’ 12.97% stake.
At the time, Oulu ICT bought 327,278 shares for €30.67m (US$41.5m) to remain the second-largest shareholder of DNA.
In July the owners of DNA called off a €1bn (US$1.37bn) sale of the telco. Before that, the group had also been reportedly mulling an IPO to raise as much as €500m (US$648m).
At the time chairman Jarmo Leino told TelecomFinance it was reviewing all financing options to support future investments, including a stake sale to avoid taking on more debt.
