Telenor Acquires GlobalConnect's Consumer Fiber Business in Norway for $600M

Telenor has acquired GlobalConnect's consumer fiber business in Norway for approximately $600M. The deal includes GlobalConnect's fiber infrastructure and is expected to increase Telenor's customer base in Norway by 140,000. The acquisition will further strengthen Telenor's position in the Norwegian market.

Norway, July 2, 2025 — Telenor has announced the acquisition of GlobalConnect's consumer fiber business in Norway for approximately $600 million. The deal, valued at NOK 6.0 billion, includes GlobalConnect's fiber infrastructure and is expected to increase Telenor's customer base in Norway by 140,000. The acquisition underscores Telenor's strategic move to strengthen its position in the Norwegian market.

The acquisition is a significant step forward for both Telenor and its customers. Benedicte Schilbred Fasmer, President & CEO of Telenor, stated, "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."

The transaction includes the fiber infrastructure and approximately 140,000 fiber customers, representing a key building block in Telenor's long-term strategy to strengthen its fiber footprint in Norway. The integration is expected to create synergies with existing operations and build long-term, robust scale across the core telecom market.

Customers joining Telenor will gain access to a wide range of services, including advanced digital security, premium home networks, and 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.

Martin Lippert, CEO of GlobalConnect, noted, "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."

The Norwegian fiber 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 fiber 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.

The transaction is subject to approval by the Norwegian Competition Authority. Integration capex of approximately NOK 0.3 billion is expected in the period 2026-2028, with the majority of costs incurred during the first two years.

Media contact:
- Tobias Gausemel Backe, Press contact, Telenor Group
+47 975 47 778 | tobias-gausemel.backe@telenor.com
- Thomas Midteide, SVP Communications, Telenor Group
+47 962 32 017 | thomas.midteide@telenor.com

References:
- [1] https://www.globenewswire.com/news-release/2025/07/08/3111458/0/en/Telenor-Acquires-GlobalConnect-s-Consumer-Business-in-Norway.html
- [2] https://finance.yahoo.com/news/telenor-acquires-globalconnects-consumer-business-060100029.html