Norwegian mobile operator Telenor is forming a joint ownership structure for its IoT business, Telenor Connexion, alongside private equity firm Verdane. The transaction values the company at NOK 7.5 billion and is expected to generate approximately NOK 3.8 billion in cash proceeds for Telenor, along with a capital gain of around NOK 7.2 billion, according to a press release.
Telenor Connexion reported revenues of approximately NOK 1.3 billion in 2025, with an EBITDA of around NOK 415 million.
The parties are also committed to investing an additional NOK 2 billion each to fuel further growth.
Telenor ASA is the No. 1 telecommunications group in Norway. Net sales (including intragroup) break down by activity as follows:
- mobile and fixed-line telecommunications services (89.8%): mobile and fixed-line telephony services, voice and data transmission, Internet access, messaging, TV channel broadcasting, sale of telecommunications equipment, etc.;
- telecommunications infrastructure management (4.1%): construction, development and leasing of towers, masts, buildings, etc.;
- other (6.1%): offshore telecommunications services, interconnection between operators, etc.
Net sales are geographically distributed as follows: Norway (34.7%), Sweden (18.6%), Bangladesh (17.4%), Finland (17.3%), Denmark (8.2%) and other (3.8%).
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