PricewaterhouseCoopers (PwC) is advising the bondholders of Song Networks Holding, the Swedish data and telecoms operator, on their options after a Nkr1bn (€134m) merger with a Norwegian rival fell through.

The company was to do a deal with Telenor, the incumbent telecoms operator in Norway, that would see Song merge with Telenor Business Solutions (TBS). But that agreement was terminated, with both sides claiming they had walked away from the deal, and PwC is now looking at alternatives.