Finnish alternative operator DNA is reportedly considering the sale of a controlling stake to an outside investor or in an IPO this year to raise as much as €500m (US$648m).
The company has hired UBS to explore options, reported Bloomberg citing…
Finnish alternative operator DNA is reportedly considering the sale of a controlling stake to an outside investor or in an IPO this year to raise as much as €500m (US$648m).
The company has hired UBS to explore options, reported Bloomberg citing sources.
It will likely sell around half its shares to tap broad appeal from public and institutional investors, added the report.
DNA declined to comment on advisers or timings, but chairman Jarmo Leino told TelecomFinance it is reviewing all financing options to support future investments, including a stake sale to avoid taking on more debt.
Leino said: “It is a process that has been going on for several years. It is part of our normal activities.”
DNA has around €250m of debt on its books, giving it a net debt/EBITDA ratio of 1.35x in 2012, up from 0.82 the year before.
The company is owned by Finnish regional phone carriers led by Finda Oy, which had a 32.56% stake at the end of 2012 and is headed by Leino as CEO. Oulu ICT Oy held 22.17%, followed by PHP Holding Oy with 19.75 %. It competes in Finland with Nordic giant TeliaSonera and local rival Elisa.
DNA posted 2012 EBITDA up 1.2% to €190.7m. Net sales for the year grew 5.7% to €769.2m, boosted by increased subscriptions and terminal device sales.
