Finnish operator DNA said it has made a binding cash offer of EUR 120 million for Anvia Telecom and four other Anvia subsidiaries. This is above the EUR 107 million that Elisa agreed with Anvia to pay for Anvia Telecom, Anvia IT-Services, Anvia Hosting, Anvia TV and Watson Nordic.
The Elisa transaction is subject to approval at the Anvia Extraordinary General Meeting (EGM) on 29 June. According to Anvia’s notice to the EGM EUR 31 million of the transaction price would be paid in cash and the rest in Anvia shares owned by Elisa. DNA proposes that the Anvia EGM should postpone its decision on the Elisa bid.
On 21 June, Anvia said it has received a bid from Sonera, for its Anvia Telecom arm of EUR 130 million. Jukka Leinonen, CEO of DNA, said that as Anvia has received several offers for Anvia Telecom, it would be in the interest of all parties and in the spirit of the Finnish Limited Liability Companies Act for the board of Anvia to compare the offers. For that reason, DNA suggests that the Anvia EGM should postpone the decision on the Elisa bid.
Leinonen said DNA and Anvia Telecom complement each other very well. The companies have cooperated for a long time and it wants to ensure the continuation of the cooperation in the future. DNA has implemented carefully considered acquisitions to expand its offering, and it is clear that the acquisition of Anvia Telecom would contribute to the growth of DNA, Leinonen concludes.
DNA said it is prepared to sign and close the acquisition and pay the acquisition price in cash immediately. DNA also accepts the terms which the Finnish Competition and Consumer Authority may set for the transaction.
