(Fornebu, Norway – 8 July 2025) Telenor announces the acquisition of GlobalConnect’s consumer business in Norway in a transaction valued at NOK 6.0 billion. The deal marks a significant strategic step in strengthening Telenor’s position in the Norwegian fibre market.

“This marks a strategic step forward – for our customers and for Telenor. By integrating the consumer part of GlobalConnect’s fibre network into our own, we will extend our reliable and high-performing services to even more households across the country,” says Benedicte Schilbred Fasmer, President & CEO of Telenor.

The acquisition, which includes the fibre infrastructure and approximately 140,000 fibre customers, represents a key building block in Telenor’s long-term strategy to strengthen its fibre footprint in Norway. The transaction will create synergies with existing operations and build long-term, robust scale across the core telecom market.

Benefits for customers and employees
Customers joining Telenor will gain access to a wide range of services – from advanced digital security and premium home networks to diverse entertainment offerings – all supported by Telenor’s high-quality connectivity and customer service.

Telenor is committed to continued investments in fraud prevention, secure WiFi, and digital protection - delivering on our promise to be all of Norway’s safety net.

“We warmly welcome our new customers and employees. This acquisition enables us to reach even more households with the services people rely on every day — and to keep raising the bar for what customers can expect from their connectivity provider,” says Fasmer.

The acquisition underscores Telenor’s long-term commitment to strengthening Norway’s digital backbone and driving innovation for the benefit of consumers and society.

“GlobalConnect’s B2C business in Norway is powered by a highly skilled and dedicated team, having successfully proven consistent growth over many years. As GlobalConnect is focusing our B2C business in the Nordics into a pure wholesale-provider, it has been a natural next step to divest B2C Norway. We are confident that Telenor will take good care of our B2C customers and employees going forward. B2B and Carrier customers in Norway remain a strategic focus and we will continue our investments in these areas,” says Martin Lippert, CEO of GlobalConnect.

Financial benefits
The Norwegian fibre market is highly fragmented, and Telenor believes scale is needed to provide the sufficient level of robustness, operationally and financially. Telenor’s market share of fibre subscriptions will increase from 22% to 29% as a consequence of the transaction, based on 2024 NKOM data.

GlobalConnect’s consumer portfolio generated revenues of more than NOK 0.6 billion in 2024. Telenor expects EBITDA of around NOK 0.3 billion in each of the two first years of operations after integration and restructuring costs, and free cash flow (FCF) from the deal to gradually ramp up to a run-rate of NOK 0.45 billion before financing costs from 2028.

Telenor estimates annual post-integration cost savings of approximately NOK 0.15 billion, driven by backbone integration and scale efficiencies within sales, operations and maintenance.

Telenor expects integration capex of approximately NOK 0.3 billion in the period 2026-2028, the majority of which are expected to be incurred during the first two years.

The transaction is subject to approval by the Norwegian Competition Authority.

Media contact:

Tobias Gausemel Backe, Press contact, Telenor Group
+47 975 47 778 | tobias-gausemel.backe@telenor.com

Thomas Midteide, SVP Communications, Telenor Group
+47 962 32 017 | thomas.midteide@telenor.com