Icelandic telecompany Siminn, the former Iceland Telecom Ltd, has acquired Denmark's BusinessPhone Group for an undisclosed sum. Siminn gains a 100% shareholding in BusinessPhone and its subsidiaries Prime Networks and CTI Billing Systems per 1 September.
Siminn is owned by an Icelandic consortium comprising Bakkavör, a leading international food manufacturing company, and Kaupthing Bank which two years ago acquired the Icelandic state's 97% stake in the national telecompany Iceland Telecom Ltd for DKK 6 bn (USD 1.1 bn). BusinessPhone offers telecommunication solutions to the Danish corporate sector and has 1,500 customers and 50,000 daily users of its services.
John Strand, a Danish telecom expert, says: "It is obvious to look for companies which can be an alternative to the three main telecompanies on the Danish market – TDC, Telia and Sonofon – and the Icelandic company has several advantages here. It has access to capital and technology, making it a serious player on the lucrative commercial market, and in that area there are several obvious acquisition candidates with which the company can be expanded."
In recent years, Icelandic companies have snapped up several enterprises in Denmark including FiH, Merlin, Sterling, Magasin, Illum, Keops, Atlas Group and Royal Unibrew. The news was reported by daily national newspaper Berlingske.