Swedish telecom operator Telia has agreed to sell its Danish operations to electricity and internet provider Norlys for 6.25 billion Danish crowns ($919.85 million), the company said on Tuesday, April 25.
The deal comes a few months after Telia reported a fourth-quarter core profit slightly below estimated. The company then proposed a lower dividend and said it would cut 1,500 jobs in 2023.
“Combining Telia’s mobile network with our fiber business will enable Norlys to provide a full-service solution in Denmark. This will pave the way for significant growth opportunities,” said Norlys CEO, Niels Duedahl.
The transaction is expected to close in the first quarter of 2024, Telia said, adding that it plans to utilize the proceeds to reduce debt.