Swedish telco Telia Company has confirmed that the sale of its Danish business unit to local energy and Internet firm Norlys has been finalized.
In a statement, Telia announced it completed the sale of the unit for DKK 6.25 billion ($900 million), on a cash and debt-free basis.
The deal was first announced in April last year; at the time Telia said the transaction would allow it to reduce its overall debt.
“The sale of our Danish business marks a significant milestone for Telia and I would like to thank everyone at both Telia and Norlys who worked for many months to make this successful divestment possible," said Patrik Hofbauer, president and CEO of Telia Company.
"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.”
Telia's origins in Denmark go back to 1995, as a result of a merger between Telia Stofa and TeliaSonera. It's the third-biggest mobile operator in Denmark, behind TDC and Telenor. The company has close to two million subscribers in the country.
Last year, the operator revealed it was cutting up to 1,500 jobs, blaming the 'challenging macro environment.'
In addition to its home market of Sweden, Telia also operates in Finland, Norway, Estonia, Latvia, and Lithuania.
Norlys is Denmark's largest energy and telecommunications group. It owns energy firm N1 and offers home Internet across the country.
