The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Scandinavians ring the right bells

There have not yet been any cross-border mergers between the leading European telecoms operators. But some of these troubled companies may have to get together to survive. They could do worse than look to Scandinavia for inspiration.


The agreed merger between Finnish telecom company Sonera and Swedish counterpart Telia appears to be a rare success story in the making, set against the woeful backdrop of failed ambitions and investor losses among Europe's other telecom operators. A completed merger between the Scandinavians may set a precedent for other cross-border mergers among European incumbents. While some market participants doubt the benefits of such ventures - and say and that it is more likely that only mobile operations will consolidate - others believe national telcos will be forced to merge in order to survive.

Any deal involving two companies with two separate governments as majority shareholders is bound to be complicated by the machinations of politicians who have their own survival to worry about. The way in which seemingly small details can foil an otherwise straightforward merger is highlighted by the collapse of the deal between Telia and Telenor of Norway.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree