Telia has finalized the sale of its Danish business to Norlys, a prominent player in the energy and broadband sector, for approximately DKK 6.3 billion (USD 902.2 million). The proceeds from this transaction are earmarked for reducing debt within the operator group.
Originally announced last April, the deal was anticipated to conclude in the first quarter of 2024. Regulatory approval for the sale was granted in February, paving the way for the successful completion of the transaction.
In a statement, Telia explained that the move was part of a strategy to focus on markets with "a clear path to securing and defending leading positions."
Commenting on the closure of the deal, Patrik Hofbauer, President and CEO of Telia Company, said, "Telia will continue to support Norlys to ensure a smooth transition for our former customers in Denmark, who will benefit from gaining access to a broader set of products and services from Denmark’s largest integrated energy and telecommunications group.”
In a statement, Norlys EVP and Chief Commercial Officer, Claus Flyger Pejstrup, stated that it is “fantastically gratifying that we now stand with the keys in hand,” adding that the company is “gaining a whole new relevance as a supplier of a full range of energy and telecommunications products for the home and business."
In addition to expanding its range to include Telia products, Norlys intends to sell products from the rest of its portfolio through its new 31-strong retail footprint.
As of Q1 2024, Telia's former operation in Denmark ranked fourth in terms of connections, according to GSMA Intelligence, boasting nearly 1.3 million connections. The market is dominantly led by TDC brand, YouSee, with 3.3 million connections, trailed by Telenor with 1.7 million, and CK Hutchison’s local unit with 1.6 million connections.
