Telenor has closed the transaction to divest 30 per cent of Telenor Fiber in Norway to a consortium led by KKR, investing through its Core Infrastructure strategy, with Oslo Pensjonsforsikring as co-investor.

The agreed sales price is based on an enterprise value of NOK 36.1 billion (€3.3bn) for the Norwegian fibre business which had a proforma EBITDA of NOK 1.7 billion in 2021.

“This transaction is an important milestone in our new strategy of reshaping Telenor. We are showing the value in Telenor’s infrastructure while safeguarding future investments in Norway’s fibre. This will benefit Norwegian consumers, who can receive modern and robust connectivity as Telenor continues to strengthen is offerings”, said Jannicke Hilland, EVP of Telenor Infrastructure.

The divestment of 30 per cent generates proceeds of NOK 10.8 billion to Telenor and as previously reported Telenor intends to use part of the proceeds for share buy backs.

“We are very excited to invest and contribute to the long-term development of Telenor’s fibre strategy and infrastructure, building on KKR’s significant experience within digital infrastructure investing”, added Julian Barratt-Due, Director, European Infrastructure at KKR.

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Categories: Articles, Business, Cable, M&A

Tags: fibre, KKR, Norway, telenor