COPENHAGEN, Denmark -- Danish telecoms company TDC Group says it has agreed to buy Sweden's Modern Times Group's Nordic Entertainment and Studios units to create a company that offers services from TV channels to internet connections.
TDC, owned by Danish and international investors, says MTG Nordic is valued at 19.55 billion kronor ($2.5 billion).
TDC said Thursday it would have close to 3 million TV subscribers and access to 10 million households in the Nordic region once the deal is completed.
Sweden-based investment company Kinnevik, MTG's largest shareholder with 20 percent of the shares and 47.6 percent of the votes, said it supports the merger.
The deal requires approval from the companies' boards and "relevant competition law authorities." TDC said the transaction is expected to be completed in the fourth quarter of 2018.