Norlys board reps approve Telia Denmark acquisition

An extraordinary meeting of Danish energy and telecom provider Norlys’ board of representatives has approved the company’s decision to buy Telia Danmark, an acquisition that will give its telecom arm a mobile play, enabling it to offer a full range of multi-play service to compete with the likes of Nuuday.

Norlys signed an agreement with Telia Company earlier this month on the purchase of Telia’s Danish business, which includes approximately 1.9 million customer relationships and a 50% ownership of Denmark’s largest mobile network, the TT network.

“For several years, we have worked purposefully to enter the mobile market. The purchase of Telia means that we will get even closer to customers and really become a nationwide energy and telecommunications group. I am incredibly happy that a large majority of the board of representatives today showed their clear support for the strategic direction for Norlys,” said Niels Duedahl, CEO of Norlys.

Norlys needed the approval of the 669 members of its board of representatives, who are elected from among the company’s 800,000 shareholders, for the deal.

Earlier this year, Norlys held nine meetings with the board of representatives to explain the background for the move to buy Telia Danmark.

“At the dialogue meetings, we had a very large attendance, where the perspectives in the purchase of Telia Denmark were thoroughly discussed. Here we could ascertain that active ownership is alive and well in Norlys. We were met by openness, great curiosity and, of course, a good dose of healthy scepticism. I am grateful for the trust that the board of representatives has shown today in both the board and the management of Norlys with their resounding yes,” said Jens Erik Platz, chairman of the board of Norlys.

Approval of the deal by the competition authorities in Denmark is pending. Norly expects to complete the acqusition in the first quarter of 2024.