Telia announced its agreement to its operations and network in Denmark to Norlys at an enterprise value of DKK 6.25 billion (~SEK 9.5 billion), on a cash and debt-free basis.
The valuation of Telia Denmark is equivalent to 8.9x Telia Denmark’s 2022 reported EBITDA. The transaction is subject to final and binding agreements, approval from Norlys’ owners and customary regulatory approvals, with closing expected in Q1 2024 at the latest.

Telia’s strategy is to focus on markets where there is a clear path to securing and defending a leading market position. Telia aims to use the transaction proceeds for deleveraging purposes.

Norlys supply more than 1 million households in Denmark with electricity and internet – both in the cities and on the outer country roads.

Norlys is Denmark’s largest integrated energy and telecommunications group with approximately 800,000 owner-members, 1.7 million customer relations, 3,500 employees and more than 100 years of experience.

Norlys owns Stofa and Netselskabet N1 and has its headquarters in Silkeborg and locations in Aarhus, Aalborg, Esbjerg and Copenhagen, among others.

Allison Kirkby, Telia Company President and CEO, says: “The transaction crystallizes value from both the outstanding work of the Telia Denmark team who have led such an impressive turnaround of the business during the last 18 months, and from the leading 5G digital infrastructure that we have built up in the country.”

Niels Duedahl, Norlys CEO, says: “Combining Telia’s mobile network with our fiber business will enable Norlys to provide a full-service solution in Denmark, paving the way for significant growth opportunities.”