Telecom operator Telenor said it will sell 30 percent stake in Telenor Fiber to a consortium led by investment firm KKR.
Telenor Fiber will own the passive fibre assets in Norway. This includes 130,000 km of cables, connecting upwards of 560,000 homes. Telenor Norge will be the company’s only customer and all operational processes remain under full Telenor control.
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.
“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,” says Tone Hegland Bachke, EVP and CFO of Telenor Group.