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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
09/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
09/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
09/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
08/10/2026
Modern venues have come a long way since the tinny, echoing audio of the mid 20t...
08/10/2026
ESPN's first Super Bowl production will stream in English and Spanish on Disney+, while the ESPN App carries the full slate of game, ManningCast, studio, an...
08/10/2026
From high-school videoboards to War Eagle Productions, the Opelika native is learning how to lead shows and capture big moments
The future of live sports produ...
08/10/2026
The Television Academy and Prime Video have announced a six-year agreement making Prime Video the exclusive global home of the Emmy Awards beginning with the 20...
08/10/2026
Techex will exhibit at NAB Show New York 2026 (Booth 623, Javits Center, October...
08/10/2026
X Games has announced the appointment of Steve Rogers as Chief Operating Officer. Rogers previously served as COO of World Supercross and spent nearly a decade ...
08/10/2026
Fonn Group has appointed Trevor Spielmann as Sales Director for Germany, Austria, and Switzerland. Spielmann joins from EVS, where he held sales and business de...
08/10/2026
The flagship program will originate from major PG events with a four-camera production, live distribution across PGTV, social platforms
Perfect Game is bringin...
08/10/2026
Innovation rarely happens in a vacuum. More often, it happens at the point of collision: when worlds that have run on separate tracks begin to converge. That is...
08/10/2026
For decades, the production and broadcast services business has run on a familia...
08/10/2026
Uplynk, Zixi, BroadView Software, and Grass Valley have published The IP Converg...
08/10/2026
The NFL has announced the return of the Big Data Bowl, the league's analytics competition, now in its ninth year and again powered by AWS. Registration is o...
08/10/2026
Eutelsat has renewed its partnership with T l diffusion d'Alg rie (TDA), Algeria's national broadcasting network operator, for continued distribution of...
08/10/2026
Disney will livestream Super Bowl LXI on February 14, 2027, alongside the game's broadcast on ESPN and ABC. All Disney subscribers in the United States wi...
08/10/2026
RHStv and Red House Streaming have announced an expansion of their partnership w...
08/10/2026
Gray Media has announced a distribution agreement with TEGNA and DAZN to simulca...
08/10/2026
SVG readers can save 10% on registration and receive a complimentary Solutions H...
08/10/2026
PROTON Camera Innovations GmbH has been named a recipient of a 2026 Technology a...
08/10/2026
Industry leaders discuss real-world cloud workflows for live game production, pl...
08/10/2026
The next-gen audio technology joins Dolby Vision as part of Apple TV's immersive F1 experience...
08/10/2026
David France, Jesse Short Bull, Mato Wayuhi, N. Bird Runningwater, Jodi Archambau, Jhane Myers, Paul McGuire, Amber Morning Star Byars, Holly Macarro, Nick Tils...
08/10/2026
Dynamic panning plug-ins get an upgrade
Sound Particles have just announced major updates for two of their popular dynamic panning plug-ins. Energy Panner 2...
08/10/2026
New expandable instrument boasts full DMNO engine
UDO Audio have just announced the upcoming release of a new, expandable synth that packs the power of the ...
08/10/2026
Two new subwoofers added to monitoring line-up
ADAM Audio's monitoring range has just been expanded with two new DSP-equipped subwoofers, the Sub8 PRO a...
08/10/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
08/10/2026
Calrec gives broadcasters freedom of choice at NAB Show New York We're looking forward to meeting up with you all at NAB New York on 21st-22nd October.
Cal...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Globecast, a leading provider of broadcast, media and entertainment managed services, will showcase its next generation of media orchestration services at NAB S...
08/10/2026
Clear-Com played a critical role in the production communications infrastructure for Rock in Rio 2026, one of the world's largest and most recognized music...
08/10/2026
Sohonet Launches ClearView Rush: A Leap Forward in Studio Review, Built for Crea...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Ikegami announces a major expansion to its range of broadcast-quality live production cameras. Scheduled for introduction on Ikegami booth 708 at NAB New York, ...
08/10/2026
Calrec will be located at Booth 444.
Freedom to choose
The media landscape is evolving quickly, and the broadcasters best placed for what comes next will be...
08/10/2026
LiveU has announced that CRD Audiovisuel relied on LiveUs LU900Q intelligent production unit, with built-in native LiveU IQ (LIQ ) connectivity, to deliver live...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/10/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
7 minute read 
