Sanoma completes 21.1% DNA stake sale for €181.5m

Finnish alternative operator DNA and its shareholders have completed the acquisition of local media group Sanoma’s entire 21.1% stake in the company for €181.5m (US$237m).
DNA acquired 1,116,896 shares of the total 2,027,167 that were sold for…

Finnish alternative operator DNA and its shareholders have completed the acquisition of local media group Sanoma’s entire 21.1% stake in the company for €181.5m (US$237m).

DNA acquired 1,116,896 shares of the total 2,027,167 that were sold for around €100m (US$131m), with its existing main shareholders acquiring the rest.

Following the transaction, DNA’s largest shareholders are local investors Finda Oy (32.5%), Oulu ICT Oy (22.1%), PHP Holding Oy (19.7%), Osuuskunta KPY (12.9%) and Ilmarinen Mutual Pension Insurance Company (5%).

Prior to the acquisition, Finda Oy held 26%, Oulu ICT Oy 17.7 %, PHP Holding Oy 15.8%, Osuuskunta KPY 10.3 % and Ilmarinen had 2.4%.

The deal valued DNA, which provides local voice, data and TV services, at around €860m (US$1.12bn). DNA posted turnover of €728m (US$952m) and an operating profit of €51m (US$67m) for FY 2011.

Announcing plans for the deal on 23 February, Sanoma Corporation CEO Harri-Pekka Kaukonen said: “This transaction is in line with our strategy to focus on consumer media and learning. It also strengthens our balance sheet and enables us to further develop our portfolio.”