STOCKHOLM (dpa-AFX) - The Norwegian competition authority has approved Telia Company's (0H6X.L, TLSNY.PK) acquisition of Phonero.
Phonero's customers will be transferred to Telia's mobile network during the second half of 2017. Phonero will continue to operate under the Phonero brand and with its base in Kristiansand.
The transaction is expected to generate annual cost synergies of approximately NOK 400 million. The transaction is expected to close in the second quarter of 2017.
In November 2016, Telia said it acquired Norwegian Phonero at an enterprise value of NOK 2.30 billion on a cash and debt free basis.
Copyright RTT News/dpa-AFX