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

13/03/2025

Evolving EO/IR Technology For All-Domain Airborne Law Enforcement

Every time airborne law enforcement (ALE) teams fly, they expect their equipment to perform. Whether airborne units are conducting support for ground teams, bor...

13/03/2025

Craft Interview: Jamie McCombs, Audio Consultant / Sr. Audio

Sunday February 9 saw the annual return of the US' biggest television event, the Super Bowl LIX. Jamie McCombs, Fox Sports Audio Consultant / Sr. Audio capt...

13/03/2025

Craft Interview: Paul Sandweiss, Production Sound Mixer/Audio Director

On Sunday March 2, stars across the film industry gathered at the Dolby Theatre in Los Angeles for the 97th Academy Awards. Production Sound Mixer Paul Sandweis...

13/03/2025

Riedel To Showcase New StageLink Smart Edge Devices At 2025 NAB Show

WUPPERTAL, Germany Riedel Communications will feature its new StageLink family of smart edge devices, Smart Audio and Mixing Engine (SAME) and Virtual Smart Pan...

13/03/2025

TAG Video Systems and Harmonic Partner to Deliver Enhanced Real-Time Monitoring for VOS360 Streaming Workflows at the 2025 NAB Show

TAG Video Systems and Harmonic Partner to Deliver Enhanced Real-Time Monitoring ...

13/03/2025

DigitalGlue Invites NAB Visitors to Experience New Features in Managed Storage Platform that Empowers Video Teams to Scale Effortlessly

DigitalGlue Invites NAB Visitors to Experience New Features in Managed Storage P...

13/03/2025

FOR-A America Theme - Connecting the Present, Building the Future - Comes to Life at NAB 2025 Exhibition

FOR-A America Theme - Connecting the Present, Building the Future - Comes to Lif...

13/03/2025

Ajit Pai Appointed President of CTIA

CTIA, the wireless industry association, has named former FCC Chairman Aji Pai as its President and Chief Executive Officer, effective April 1. He replaces Mere...

13/03/2025

NAB: FCC's 60 Minutes Investigation Is Unconstitutional, Invalid

he National Association of Broadcasters is urging the FCC to end its investigation of that controversial CBS interview with Kamala Harris stating there is no ...

13/03/2025

CBS Miami to Launch AR Coverage of Weather and Sports for March Madness

MIAMI CBS News & Stations continues to expand its use of augmented and virtual reality technologies with the planned launch of an augmented reality/virtual real...

13/03/2025

Meet the co-founder and chief customer success & innovation officer

Srividhya Srinivasan, co-founder and chief customer success & innovation Officer at Amagi, tells TVBEurope how staying ahead of the latest trends is essential f...

13/03/2025

FCC Chairman Carr Launches Massive Deregulation Initiative

WASHINGTON FCC Chairman Brendan Carr announced that the agency has launched a massive, new deregulatory initiative that could potentially subject virtually all ...

13/03/2025

SDVI Integrates Rally With Spectra Vail

SUNNYVALE, Calif. SDVI has announced that it has integrated its Rally media supply chain management platform with the Spectra Vail multi-cloud data management s...

13/03/2025

FCC Approves Gray's Acquisition of KXLT

ATLANTA Gray Media has announced that the Federal Communications Commission (FCC) has granted a waiver of its local ownership rules to permit Gray Media to acqu...

13/03/2025

NAB Show 2025 Exhibitor Insight: Blackmagic Design

TV Tech: What do you anticipate will be the most significant technology trends at the 2025 NAB Show?...

13/03/2025

Watch Student Naomi Soleils Folk Pop Performance on The Voice

Watch Student Naomi Soleils Folk Pop Performance on The Voice The songwriting major sang Stars by Grace Potter and the Nocturnals during the blind auditions. ...

13/03/2025

The ICG Marketing Survey 2025

We asked the questions, analysed the answers and now we're excited to share the results of the fifth edition of the ICG Marketing Survey. Our 2025 survey p...

13/03/2025

Harmonic Amps Up Video Streaming Efficiency with New Origin Capabilities

SAN JOSE, Calif. - March 13, 2025 Harmonic (NASDAQ: HLIT) today announced a breakthrough in video streaming innovation with the launch of new origin capabilitie...

13/03/2025

Haivision Showcases Mission-Critical Video Solutions at SOF Week 2025

Haivision Showcases Mission-Critical Video Solutions at SOF Week 2025 Haivision's video wall systems, ISR technology, and DoDIN APL-certified video distri...

13/03/2025

FOR-A America Theme Connecting the Present, Building the Future Comes to Life at NAB 2025 Exhibition

Company Leads the Way with New Software-Based Production Platform, 12G Switcher,...

13/03/2025

2025-03-13

A new Apple Immersive concert experience, Metallica, is coming to Apple Vision Pro this Friday, March 14. Filmed in Mexico City during the sold-out second-year ...

13/03/2025

Italia 90 Republic of Ireland Squad, Riverdance, Cian Ducrot & B*Witched on Friday's Late Late Show

Here is your host, Patrick Kielty! Shake your Shamrocks, Patrick Kielty will be...

13/03/2025

RT Celebrating all things Irish this St. Patrick's Weekend

This St. Patrick's weekend, RT invites you to celebrate all things Irish, showcasing the very best of Irish sport, entertainment and live coverage from the...

13/03/2025

GTC 2025 - Announcements and Live Updates

What's next in AI is at GTC 2025. Not only the technology, but the people and ideas that are pushing AI forward - creating new opportunities, novel solution...

13/03/2025

T-Mobile, Thales and SIMPL ease IoT deployments with a flexible and secure connectivity solution

Facebook Twitter LinkedIn By combining T-Mobile's robust network, Thal...

13/03/2025

Relive the Magic as GeForce NOW Brings More Blizzard Gaming to the Cloud

Bundle up - GeForce NOW is bringing a flurry of Blizzard titles to its ever-expanding library. Prepare to weather epic gameplay in the cloud, tackling the genr...

13/03/2025

Gaming Goodness: NVIDIA Reveals Latest Neural Rendering and AI Advancements Supercharging Game Development at GDC 2025

AI is leveling up the world's most beloved games, as the latest advancements...

13/03/2025

Drop It Like It's Mod: Breathing New Life Into Classic Games With AI in NVIDIA RTX Remix

PC game modding is massive, with over 5 billion mods downloaded annually. Mods p...

12/03/2025

Como o Impacto Cultural e Financeiro da Indstria Musical Define Seu Sucesso em 2025

O Spotify acaba de lan ar o relat rio Loud & Clear deste ano, uma vis o transpar...

12/03/2025

Cmo el impacto cultural y financiero de la industria musical define su xito en 2025

Spotify acaba de presentar el informe Loud & Clear de este a o, una mirada trans...

12/03/2025

Nourish Mind, Body, and Soul This Ramadan With Spotify

Ramadan, a period of profound spiritual significance for Muslims worldwide, is a time for fasting, prayer, reflection, and community. Enrich your experience thi...

12/03/2025

How the Music Industry's Cultural and Financial Impact Define Its Success in 2025

Spotify has just unveiled this year's Loud & Clear report, a transparent loo...

12/03/2025

FAST now transcends back catalog content

More than 70% of FAST programming has been produced since 2010, according to new Gracenote report NEW YORK March 12, 2025 Gracenote, the content data busin...

12/03/2025

Viamedia Adopts ShowSeeker Pilot To Streamline Ad Workflows

GEONA, Nev. Independent digital and linear advertising rep firm Viamedia will adopt cloud-based ShowSeeker Pilot as its primary ad campaign and order management...

12/03/2025

Mediagenix Appoints Wael Yasin as Sales Director Central Europe

BRUSSELS Mediagenix has announced that Wael Yasin has joined the company as sales director Central Europe....

12/03/2025

Omdia: Global Online Consumer Expenditure to Hit $6.6 Trillion by 2029

LONDON A new study highlights opportunities for shoppable TV and the massive impact online consumer spending is having on the economy, with Omdia predicting tha...

12/03/2025

Comcast Technology Solutions Upgrades to Interra Systems BATON Version 9

CUPERTINO, Calif. Interra Systems has announced that Comcast Technology Solutions has integrated recent updates to BATON Version 9 into its operations....

12/03/2025

Nevion announces new 400G addition to its eMerge SDN media fabric offering

Nevion announces new 400G addition to its eMerge SDN media fabric offering Brie Clayton March 12, 2025 0 Comments High-capacity switch enhances existi...

12/03/2025

DaVinci Resolve Studio Delivers Cinematic Sound for Adam Bol

DaVinci Resolve Studio Delivers Cinematic Sound for Adam Bol Brie Clayton March 12, 2025 0 Comments Feature film relies on DaVinci Resolve Studio for ...

12/03/2025

SVT Leverages Ateliere Live to Pioneer 100% Software-Defined Production at Rally Sweden 2025

SVT Leverages Ateliere Live to Pioneer 100% Software-Defined Production at Rally...

12/03/2025

Berklee Awards Fenway Neighborhood Improvement Grant to Four Organizations

Berklee Awards Fenway Neighborhood Improvement Grant to Four Organizations A total of $17,000 will be distributed among the Boston-based nonprofits. By Madd...

12/03/2025

Offering a broad umbrella for IP standards

TVBEuropes Jenny Priestley sits down with new SMPTE president Richard Welsh to discuss his aims for the organisation going forward, its efforts to attract a you...

12/03/2025

Warner Bros Belgium takes a new approach to its post production workflows

The new process has significantly enhanced operational efficiencies, with automation freeing up creators to concentrate on higher value tasks By Matthew Corrig...

12/03/2025

Another VFX company suspends operations

Jellyfish Pictures, which has offices in London and Sheffield, said it has been battling hard in the face of strong headwinds over the last 12 months By Jenny ...

12/03/2025

Bitcentral to Showcase AI-Powered Innovations for Smarter...

Visit Booth #W2213 to Experience the Latest in AI-Driven Content Discovery and Workflow Automation Bitcentral, a leader in media workflow solutions, is set to ...

12/03/2025

Jeff Lilly Named WGN-TV Director Of Technology

CHICAGO Jeff Lilly has been named WGN-TV director of technology effective March 17, 2025, according to Ric Harris, WGN-TV vice president and general manager....

12/03/2025

Survey: Consumers Want More Shoppable TV Experiences

MOUNTAIN VIEW, Calif. A new study from LG Ad Solutions indicates that consumers want more features that would allow them to shop for products on the connected T...

12/03/2025

IP Showcase To Focus On IP, Broadcast Tech Convergence at 2025 NAB Show

BOTHELL, Wash. The Alliance for IP Media Solutions (AIMS), Advanced Media Workflow Association (AMWA) and the Video Services Forum (VSF) will once again present...

12/03/2025

Comcast Boosts Internet Speeds for More Than 20 Million Customers

PHILADELPHIA Comcast announced that it has upgraded Xfinity Internet speeds for more than 20 million customers for no additional cost....

12/03/2025

Create with Maxon: Cinema 4D Fundamentals Workshop - March 12-14

Create with Maxon: Cinema 4D Fundamentals Workshop - March 12-14 Brie Clayton March 11, 2025 0 Comments Makin' Waffles with Elly Wade During Marc...