Telenor Acquires GlobalConnect's Consumer Business in Norway

08 Jul 2025 08:00 CEST

Fornebu, Norway – 8 July 2025 – Telenor announces the acquisition of
GlobalConnect’s consumer business in Norway in a transaction valued at NOK 6.0
billion. The deal marks a significant strategic step in strengthening Telenor’s
position in the Norwegian fibre market.

“This marks a strategic step forward – for our customers and for Telenor. By
integrating the consumer part of GlobalConnect’s fibre network into our own, we
will extend our reliable and high-performing services to even more households
across the country,” says Benedicte Schilbred Fasmer, President & CEO of
Telenor.

The acquisition, which includes the fibre infrastructure and approximately
140,000 fibre customers, represents a key building block in Telenor’s long-term
strategy to strengthen its fibre footprint in Norway. The transaction will
create synergies with existing operations and build long-term, robust scale
across the core telecom market.

Benefits for customers and employees

Customers joining Telenor will gain access to a wide range of services – from
advanced digital security and premium home networks to diverse entertainment
offerings – all supported by Telenor’s high-quality connectivity and customer
service.

Telenor is committed to continued investments in fraud prevention, secure WiFi,
and digital protection - delivering on our promise to be all of Norway’s safety
net.

“We warmly welcome our new customers and employees. This acquisition enables us
to reach even more households with the services people rely on every day — and
to keep raising the bar for what customers can expect from their connectivity
provider,” says Fasmer.

The acquisition underscores Telenor’s long-term commitment to strengthening
Norway’s digital backbone and driving innovation for the benefit of consumers
and society.

“GlobalConnect’s B2C business in Norway is powered by a highly skilled and
dedicated team, having successfully proven consistent growth over many years. As
GlobalConnect is focusing our B2C business in the Nordics into a pure
wholesale-provider, it has been a natural next step to divest B2C Norway. We are
confident that Telenor will take good care of our B2C customers and employees
going forward. B2B and Carrier customers in Norway remain a strategic focus and
we will continue our investments in these areas,” says Martin Lippert, CEO of
GlobalConnect.

Financial benefits

The Norwegian fibre market is highly fragmented, and Telenor believes scale is
needed to provide the sufficient level of robustness, operationally and
financially. Telenor’s market share of fibre subscriptions will increase from
22% to 29% as a consequence of the transaction, based on 2024 NKOM data.

GlobalConnect’s consumer portfolio generated revenues of more than NOK 0.6
billion in 2024. Telenor expects EBITDA of around NOK 0.3 billion in each of the
two first years of operations after integration and restructuring costs, and
free cash flow (FCF) from the deal to gradually ramp up to a run-rate of NOK
0.45 billion before financing costs from 2028.

Telenor estimates annual post-integration cost savings of approximately NOK 0.15
billion, driven by backbone integration and scale efficiencies within sales,
operations and maintenance.

Telenor expects integration capex of approximately NOK 0.3 billion in the period
2026-2028, the majority of which are expected to be incurred during the first
two years.

The transaction is subject to approval by the Norwegian Competition Authority.

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