OSLO: Nordic telecom operators Telenor and TeliaSonera agreed on Wednesday to merge their Danish operations, with the companies each holding half of a joint venture, they said in separate statements.
The merged firm will have about 40 percent of the Danish market with 3.5 million subscribers and the companies hope to save 800 million Danish crowns ($133 million) annually in efficiency gains, with the full effect from 2019.
"The need for consolidation in the Danish telecom market has been apparent for a while as operators face continued pressure on revenues and profitability, limiting the room for investments and innovation," Telenor said.
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