Get AS is Norway's second-largest telecoms cable operator. Photo: Cornelius Poppe / NTB scanpix
Get AS, the second-largest cable operator in Norway, is to be bought by Danish telecoms group TDC for 13.8 billion kroner, it was announced on Monday.
The deal will ensure Denmark's TDC becomes the largest cable TV company across all of Scandinavia and the largest Nordic digital TV and broadband company with 1.7 million domestic customers.
TDC Group will buy Get from GS Capital Partners and Quadrangle Capital Partners for 13.8 billion kroner ($2.2 billion).
TDC's CEO Carsten Dilling said to NTB that the trade is the TDC Group’s most important investment in many years.
Dilling said: “We have waited for this opportunity and perceive it as a natural and timely expansion of our business. It secures the position of the TDC Group as a leading Scandinavian supplier of TV, entertainment and high speed broadband through cable. This is also a strategic step into the consumer market in Norway within a business area we know very well, from the successful and long-term management of our own "YouSee" cable business in Denmark.”
Get provides around half-a-million homes and businesses in Norway with TV, broadband internet and fixed line telephone services. It increased its core earnings by 17 percent to 1.1 billion Norwegian crowns ($172 million) in 2013, while its revenues climbed 14 percent to 2.4 billion Norwegian crowns ($375 million), reported Reuters.
Gunnar Evensen will continue as CEO at Get and will head the coordination of Get and the Norwegian arm of TDC.
Evensen said: “The new deal will strengthen the competition in the Norwegian market to the pleasure of Norwegian consumers and companies.”
TDC's Dilling believes the move goes even further and the new deal strengthens TDC's cable TV business on a Scandinavian level.
He said: “At the same time, it secures a very strong presence both in the business and consumer market in Norway for the TDC Group.”
TDC's buying of Get has still to be approved by the Norwegian Competition Authority. The deal is expected to be finalized at the end of 2014.