Telenor acquires Enivest in Western Norway

10 Jun 2026 10:00 CEST

(Fornebu, 10 June 2026) Telenor has agreed to acquire Enivest, one of the
leading fibre operators in Western Norway, in a transaction valued at NOK 2.5
billion.

The acquisition includes Enivest’s fibre network and approximately 28,000
customers, as well as a 34 per cent stake in Årdalsnett, which has around 3,000
customers. This strengthens Telenor’s position in an attractive regional market
and marks another step in its strategy to build scale in the Norwegian broadband
market.

“This is an important strategic step for Telenor. We will continue to invest in
robust digital infrastructure in Norway and have clear ambitions to grow within
broadband, including through acquisitions. Enivest is a well-run company with
strong local presence that fits well with our long-term strategy”, says
Benedicte Schilbred Fasmer, President and CEO of Telenor.

Benefits for customers and employees

Through the acquisition, Enivest’s customers will gain access to a broader range
of services, including Telenor’s digital security and entertainment offerings.
Enivest will continue to operate as a separate company, with the current
management team unchanged.

“Enivest has built a professional environment and delivers high-quality services
to its customers. Telenor has extensive experience in operating and developing
fibre networks at scale and, combined with the expertise already in place at
Enivest, we have a strong foundation for further development. By combining the
best of both organisations, we will strengthen the offering and develop the
digital infrastructure of the future in Western Norway”, says Birgitte
Engebretsen, CEO of Telenor Norway.

A strong platform for further growth

Enivest has around 50 employees based in Førde (head office), Sogndal, Florø,
Stryn and Sunnhordland. Since its establishment in 2001, the company has grown
to become one of the largest providers of fibre communications in Western
Norway.

“Enivest has a strong position in the region, a large customer base and highly
skilled employees. We have built a solid platform for further growth, and with
Telenor as our new owner, we are well positioned to continue developing the
company”, says Nandor Helgheim, CEO of Enivest.

Scale enables robust services

The Norwegian fibre market is fragmented, and Telenor believes greater scale is
important to ensure robust and sustainable services, both operationally and
financially.

In 2025, Enivest reported revenues of approximately NOK 290 million and EBITDA
of around NOK 130 million. For 2026, EBITDA growth of around 12 per cent is
expected. The company has largely completed its fibre rollout, paving the way
for increased cash flow going forward.

As a result of the acquisition, Telenor expects significant synergies to be
realised over time, including through upselling and cross-selling of Telenor’s
broader product portfolio. The transaction implies an EV/EBITDA multiple of
approximately 17x based on expected 2026 EBITDA, reducing to around 10x
including fully realized synergies.

Telenor plans to invest approximately NOK 150 million over time in integration
and network upgrades.

The transaction is subject to approval by the Norwegian Competition Authority
and is expected to close in 2026.

Shareholders of Enivest
• Eviny (55.8%)
• SFE (40.3%)
• Tussa IKT (1.7%)
• Nandor Helgheim (1.4%)
• Sunnfjord Municipality (0.7%)
• Hyllestad Municipality (0.1%)

For additional information, please contact:

Frank Maaø, SVP Capital Markets and Investor Relations (+47 91674045)
David Fidjeland, Director Media Relations (+47 93467224)

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