Sony Pixel Power calrec Sony

Telenor establishes fibre company in Norway

07/10/2022

7 minute read

Share

alt=Women walking in Lofoten, Norway. class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>

(Fornebu 7 October 2022) Telenor enters into a transaction supporting future investments in Norways telecom infrastructure.

Earlier this year, Telenor initiated a process of evaluating the establishment of a passive fibre infrastructure ownership company with a minority co-investor. Telenor has now reached an agreement to divest 30 percent of the newly established company, Telenor Fiber AS, in Norway to a consortium led by KKR, investing through its Core Infrastructure strategy. The consortium includes Oslo Pensjonsforsikring as a co-investor.

The newly established company is a subsidiary of Telenor and will be a part of the Infrastructure business area. The company will own the passive fibre assets in Norway. This includes 130,000 km of cables, connecting upwards of 560,000 homes. The company's assets will be transferred from Telenor Norway in a demerger process prior to completion of the transaction. Telenor Norge will be the company's only customer and all operational processes remain under full Telenor control. Telenor has conducted an extensive consultation process with the relevant government authorities, who have given their overall feedback that the transaction safeguards critical security and regulatory considerations.

The agreed sales price represents an enterprise value for the Norwegian fibre business of NOK 36.1 billion, resulting in proceeds of approximately NOK 10.8 billion to Telenor. The business generated a proforma EBITDA of NOK 1.7 billion in 2021.

We are executing on the strategy presented at the Capital Markets Day in September. This transaction highlights the value in our infrastructure and unlocks capital to support continued high fibre roll-out in Norway, and we are bringing in strong investors with a long-term horizon. Following the transaction, Telenor will propose that parts of the proceeds are used for share buy backs. We believe this transaction benefits our stakeholders while safeguarding future investments in Norway's fibre , says Tone Hegland Bachke, EVP and CFO in Telenor Group.

We are very excited to be investing long-term capital behind Norwegian infrastructure. KKR has significant experience within telecom infrastructure investing, and we look forward to supporting Telenor with its fibre strategy in Norway , says Julian Barratt-Due, Director, European Infrastructure at KKR.

We are proud to be part of the investment and look forward to further strengthening Norwegian fibre infrastructure together with Telenor and KKR, says Lars Haram, Chief Investment Officer at Oslo Pensjonsforsikring.

Facts about the transaction:

Telenor maintains control in the company with 70 percent of the shares.

The transaction is expected to be completed early 2023.

The transaction will not affect customers. Telenor Norway will still handle all customers, including wholesale, as per usual.

The transaction will entail no change to Telenor's regulatory obligations, including security and Norway's Electronic Communications Act.

The fibre company will be a Telenor subsidiary.

Telenor intends to use parts of the proceeds for share buybacks to mitigate the effects of the new minority interests. Telenor's Board of Directors will hence ask the General Meeting for a share buyback mandate amounting to around 30 percent of the proceeds. The agreement also includes a right for Telenor to acquire the minority stake in the event of a potential future sale. Considering national and societal interest, Telenor and the government have also entered into an agreement that provides the government with the opportunity to exercise the right to acquire the minority stake if Telenor chooses not to.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR established its Global Infrastructure business in 2008 and has since grown to one of the largest infrastructure investors globally with a team of more than 75 dedicated investment professionals. The firm currently oversees approximately US$49 billion in infrastructure assets globally as of 30 June, 2022, and has made over 65 infrastructure investments across a range of sub-sectors and geographies. KKR's infrastructure platform is devised specifically for long term, capital intensive structural investments.

Oslo Pensjonsforsikring AS (OPF) is a life insurance company wholly owned by the Municipality of Oslo. OPF delivers public service pensions to most employees in Oslo municipality, municipal enterprises, several of the municipalitys joint-stock companies and employees in hospitals that were previously owned by Oslo municipality. OPF is one of the largest non-governmental investment managers in Norway, managing assets of approximately NOK 125 billion (c. 12.5 billion), with strong experience in direct and partnership investments in real estate and infrastructure.



Investor Relations:

ystein Myrvold, ( 47) 992 30 460

H kon Hatlevik, ( 47) 901 46 070

Media contact:

Heljar Havnes, ( 47) 908 12 081
LINK: https://www.telenor.com/media/newsroom/press-releases/telenor-establis...
See more stories from telenor

Most recent headlines

02/07/2023

The latest data is now available!

Our robust, comparable data provides trusted insights and gives media owners, buyers and planners the power to trade confidently. ABC members and data subscrib...

02/07/2023

Latest data released on 21st Feb

We'll be releasing The next set of ABC audited consumer media data covering the period January to December 2022 on Tuesday 21st February at noon. When rele...

02/07/2023

Latest data released 21st Feb

We'll be releasing The next set of ABC audited consumer media data covering the period January to December 2022 on Tuesday 21st February at noon. When rele...

01/05/2023

Predicting 2023: Simon shares his thoughts with AAM

Our Chief Executive Simon Redlich was recently invited by Alliance for Audited Media (AAM) to share his views on what 2023 might hold. Read what Simon and other...

27/03/2023

What is Exposure Free your Creativity Colour Theory in DaVinci Resolve

What is Exposure Free your Creativity Colour Theory in DaVinci Resolve Riccardo Luppi March 27, 2023 0 Comments In this series, we go through the f...

27/03/2023

Using Blender's modeling tools when you're used to After Effects

Using Blender's modeling tools when you're used to After Effects Graham Quince March 27, 2023 0 Comments I'm learning Blender, the open-sou...

27/03/2023

Calrec Craft Interview: Florian Brown, A1

Calrec Craft Interview: Florian Brown, A1 Brie Clayton March 27, 2023 0 Comments Last year, veteran A1 Florian Brown spent a full day at Florida-based ...

27/03/2023

Vizrt and ROE Visual partner on XR broadcast experience for NAB 2023

Vizrt's Viz Engine 5 and GhostFrame will bring unprecedented multi-angle virtual graphics and video wall control to the show floor By TVBEurope Staff Pub...

27/03/2023

Cloud production control room goes live

Atomos has launched its cloud-based control room, Atomos Studio, which makes live video production and remote collaboration affordable, accessible and easy, the...

27/03/2023

Moonraker VFX hires head of 3D

VFX studio Moonraker VFX has announced the appointment of Lucas Pozzey as its head of 3D By TVBEurope Staff Published: March 27, 2023 VFX studio Moonraker...

27/03/2023

Former Bulls Announcer Promoted to Call Play-By-Play at Tampa Bay Rays

MLB.com announced former Durham Bulls staffer Niel Solondz has been promoted to play-by-play announcer for the Tampa Bay Rays. On Thursday, March 16, 2023, a f...

27/03/2023

HSOT Honors winter, fall finalists named; spring nominations now open through April 17

See the list of fall and winter finalists, Submit nominations for spring Last w...

27/03/2023

First speakers announced for News Xchange 2023

First speakers announced for News Xchange 2023...

27/03/2023

Daily devotion: Your bible verse and prayer for 27 March 2023

Daily devotion: Your bible verse and prayer for 27 March 2023GOOD MORNING! Here's your daily bible verse and prayer to get you ready and excited about your ...

27/03/2023

African Proverb of the day: 27 March 2023

African Proverb of the day: 27 March 2023A proverb reflects and reveals a community's culture that provides a glimpse into its value systems, beliefs, and a...

27/03/2023

Dungeons and Dragons' aims to recapture 80s film magic

Dungeons and Dragons' aims to recapture 80s film magicThe makers of Dungeons and Dragons: Honor Among Thieves wanted their blockbuster to be a throwback t...

27/03/2023

LGBTIQ+ sports slam transgender and intersex athletics ban

LGBTIQ sports slam transgender and intersex athletics banLGBTIQ sports groups say the harsh new ban on transgender women and those with intersex traits partic...

27/03/2023

Breaking Bread: Lent, a spiritual preparation for Easter

Breaking Bread: Lent, a spiritual preparation for EasterThe time of Lent is a call to renew a commitment grown dull by a life filled with routine rather than re...

27/03/2023

Anti-Homosexuality Bill: ANC, DA, ActionSA condemn SA's silence

Anti-Homosexuality Bill: ANC, DA, ActionSA condemn SA's silenceWhile the EFF, the DA and Action SA have all condemned Uganda's Anti-Homosexuality Bill, ...

27/03/2023

Thales Alenia Space wins contracts for IRIDE radar and optical satellites

Facebook Twitter LinkedIn Italy's new constellation of innovative and flexible Earth observation satellites to monitor Italy and Europe Rome, March 2...

27/03/2023

Caton partners with Osprey Video for integrated encoding and delivery

Caton partners with Osprey Video for integrated encoding and delivery posted: 27/03/2023 4K Talon front Caton Technology, a pioneer in next-generation IP...

27/03/2023

EBU Director General Noel Currans welcome address at Radiodays Europe

EBU Director General Noel Currans welcome address at Radiodays Europe...

27/03/2023

Thales to provide SquadNet radios to the Austrian armed forces

Facebook Twitter LinkedIn The Austrian Ministry of Defence has awarded Thales with a contract to provide Thales SquadNet tactical radios. This contract...

27/03/2023

Rohde & Schwarz boosts performance and applications with SpycerNode2

Rohde & Schwarz boosts performance and applications with SpycerNode2 New architecture for storage platform transforms connectivity and flexibility Rohde & Sc...

26/03/2023

GSMA MOBILE ECONOMY CHINA REPORT FORECASTS CHINA WILL BE FIRST MARKET IN THE WORLD TO REACH 1BN 5G CONNECTIONS BY 2025

At a Post-MWC Sharing event in Beijing, GSMA convenes the digital ecosystem in C...

26/03/2023

The end of Joe Goldberg? You' renewed for fifth and final season

The end of Joe Goldberg? You' renewed for fifth and final seasonJoe Goldberg will be returning to the small screen for his final chapter in the fifth (and ...

26/03/2023

10 Apps to help you stay sane during load shedding

10 Apps to help you stay sane during load sheddingApps to keep you busy can come in handy during long and boring hours without power supply in your household. ...

26/03/2023

Poem of the day: No Time To Pray

Poem of the day: No Time To PrayA poem a day keeps the soul awake! For the most soulful, authentically African poetry on the internet, check out Poem of the day...

26/03/2023

Daily devotion: Your bible verse and prayer for 26 March 2023

Daily devotion: Your bible verse and prayer for 26 March 2023GOOD MORNING! Here's your daily bible verse and prayer to get you ready and excited about your ...

26/03/2023

African Proverb of the day: 26 March 2023

African Proverb of the day: 26 March 2023A proverb reflects and reveals a community's culture that provides a glimpse into its value systems, beliefs, and a...

26/03/2023

Malawi miracle shop stands after cyclone Freddy

Malawi miracle shop stands after cyclone FreddyCyclone Freddy has claimed the lives of more than 400 people in Malawi and many others in Mozambique and Madagasc...

25/03/2023

Finding their voice - the women bringing parity to Pakistan's media

To increase women's participation; these four words, written down in four seconds, in a proposal can take months, if not years to achieve. Especially, wh...

25/03/2023

Atomos Cloud Studios Goes Live

MELBOURNE, Australia Atomos today announced its Cloud Studio, a suite of cloud-based video production services, is now available....

25/03/2023

MultiDyne Addresses Convergent Fiber and IP Production Workflows with New NIA9205 Encoder and Decoder

MultiDyne Addresses Convergent Fiber and IP Production Workflows with New NIA920...

25/03/2023

TAG to Introduce Enhancements to Realtime Media Performance Platform at NAB that Provide Greater Insight to Signal Health and Integrity

TAG to Introduce Enhancements to Realtime Media Performance Platform at NAB that...

25/03/2023

The Rebel Fleet Envisions Powerful Video Assist, DIT, and Dailies Workflows with AJA Gear

The Rebel Fleet Envisions Powerful Video Assist, DIT, and Dailies Workflows with...

25/03/2023

FOR-A Strengthens System Offerings through Partnership with Alfalite

FOR-A Strengthens System Offerings through Partnership with Alfalite Brie Clayton March 24, 2023 0 Comments FOR-A, a cutting-edge video broadcast techn...

25/03/2023

Standard General's Soo Kim: FCC Hearing Designation Is Tegna Deal Kill Shot'

Soo Kim, managing partner of Standard General, took to the online op-ed pages of...

25/03/2023

GumGum's Overlay Ads Available Across Amagi's Thunderstorm Inventory

Ad-tech company GumGum said it made a deal with Amagi to make its patented overlay ads available across Amagi's Thunderstorm broadcast inventory....

25/03/2023

MarketCast Brings Brand Effect Into CTV, Measuring Ad Resonance

Looking to grab a foothold in a shifting television measurement multiverse, MarketCast said it was expanding its Brand Effect product into the fast-growing conn...

25/03/2023

Tubi Sets Integrations With VideoAmp, LiveRamp, Comscore

Fox's streaming platform Tubi announced integrations with VideoAmp, LiveRamp and Comscore at its pre-upfront Tubi Connect event Thursday....

25/03/2023

Season Premiere of Power Book II: Ghost' Gives Starz a Record 5.8 Million Viewers

Starz said the season three premiere of Power Book II: Ghost drew 5.8 million mu...

25/03/2023

Boston Rob Does Beantown' Goes Beyond Boston, Host Promises More Adventure' in Season Two

Rob Mariano, host of Boston Rob Does Beantown on Hearst Television's Very Lo...

25/03/2023

Short-Lived NBC Drama Smash' Headed to Broadway

Smash, a decade-old musical drama that was on NBC, about a group of singers and dancers hustling to get a Marilyn Monroe musical on stage, is headed to Broadway...

25/03/2023

Accused' and Alert: Missing Persons Unit' Renewed at Fox

Fox has renewed the midseason dramas Accused and Alert: Missing Persons Unit. The shows' sophomore seasons will air in 2023-2024....

25/03/2023

Bob Halloran, WCVB Boston Sports Anchor, Sets Retirement

Bob Halloran, sports anchor at WCVB Boston, will retire from the SportsCenter 5 team effective May 31. He has spent 38 years in journalism in the New England re...

25/03/2023

Tamron Hall Investigates Women in Skate Sports for ABC Stations

Tamron Hall hosts the special Our America: Women on a Roll on the ABC Owned Television Stations and ABC Localish starting March 25 and continuing over the next ...

25/03/2023

Reese Witherspoon announces split from husband

Reese Witherspoon announces split from husbandActress and producer Reese Witherspoon and her husband Jim Toth have announced they are divorcing after 12 years o...

25/03/2023

Poem of the day: Someday you'll miss me like I missed you.

Poem of the day: Someday you'll miss me like I missed you.A poem a day keeps the soul awake! For the most soulful, authentically African poetry on the inter...

25/03/2023

Netflix Celebrates Diverse Anime Slate at AnimeJapan 2023

Back to All News Netflix Celebrates Diverse Anime Slate at AnimeJapan 2023 Entertainment 25 March 2023 GlobalJapanThailandVietnamTaiwanIndonesia -- Showcas...