Song Networks sold to TDC

From TDC press releases:

TDC has acquired and received acceptances for 97% of Song Networks Holding AB.

TDC  is offering SEK 82.50 in cash per Song Networks share, in a transaction that values Song Networks at DKK 3.9bn (SEK 4.8bn). TDC has after the close of the Offer period acquired and received acceptances for 97%, according to preliminary calculations, of Song Networks Holding AB.

”Song Networks is an excellent strategic partner for TDC and an acquisition will strengthen TDC both in the Nordic region as well as in the Danish business market. An increasing number of our large business customers request integrated, cross-border communications solutions. With Song Network in our portfolio, TDC will be ready to further expand our position in the business market,” says President and CEO of TDC Henning Dyremose.

TDC is confident to be able to achieve recurring cost synergies of an estimated SEK 250m (DKK 0.2bn) when Song Networks and TDC Solutions have been fully combined. In addition to cost synergies, TDC expects to achieve significant market synergies, which are not included.

Song Networks is a pan-Nordic network operator with its own network in Denmark, Sweden, Norway, and Finland. The company has approx. 14,300 business customers in those four countries and offers voice and data services, based mainly on IP technology. Song Networks has 850 employees and in 2003, the company had revenues of DKK 1.9bn.