Swedish telecom operator Telia Company said today it was buying Danish operator TDC’s Norwegian business for 21 billion Norwegian crowns ($2.60 billion) on a cash and debt free basis.
Telia said the acquisition would strengthen its position on the Norwegian market and position the company as a "strong challenger" in mobile, TV and broadband.
Norway is the home market of Nordic rival Telenor.
TDC's Norwegian business includes GET, a fibre and TV provider with a total of 518,000 households and businesses connected to its fiber-based network, and TDC’s B2B (business-to-business) business in Norway.
GET also has more than 1 million private and business customers who use its TV and broadband services on a daily basis, Telia said.
"It will create a leading convergent operator for both consumers and enterprises in Norway which can compete in the market with a lot of attractive and new products and services," the company said.
In 2017 GET and TDC Norway reported revenues of 4 billion Norwegian crowns and EBITDA (earnings before interest, taxes, depreciation and amortization) of 1.7 billion crowns.