Bahnhof’s Norway sale: the 35m-kroner bridge to a SEK 62 offer

Bahnhof put its growing Norway unit on the exit ramp to keep a SEK 62 bid alive

Why it matters

Norway brought in more revenue in the first half of 2026 than a year earlier. Now the broadband business is due to pass to a company controlled by Bahnhof’s founders for NOK 35 million, if Telenor’s takeover and the promised offer to shareholders both proceed.

Mara Voss25 October 2026Reading Time 2 minLast update: 25 October 2026

A sale with a clock still running.

Summary

Bahnhof’s 5 October agreement sends its Norwegian subsidiaries to K.N. Telecom, controlled by founders Jon Karlung and Andreas Norman, for NOK 35 million.
The transfer is tied to Telenor completing its parent-company acquisition and making a SEK 62 mandatory offer; a two-year resale clause returns qualifying excess value to Bahnhof.

A broadband business growing quickly gets an unusual exit. Bahnhof’s H1 2026 report put Norwegian revenue at SEK 39.6 million, up from SEK 16.2 million a year earlier. On 5 October the company agreed to transfer its Norwegian subsidiaries to K.N. Telecom, the company controlled by founders Jon Karlung and Andreas Norman, for NOK 35 million.

The sale is a side door in a much larger deal. Telenor’s July agreement covers 57.5% of Bahnhof’s shares, representing 87.9% of votes. When that transaction completes, Telenor is to make a mandatory offer of SEK 62 per share. Norway’s Competition Authority had told Telenor it was considering whether the parent deal should be notified. A Norwegian review could stretch the timetable or stop the acquisition before the offer reached the remaining shareholders.

Bahnhof’s board framed the carve-out as a way to keep that clock from swallowing the main transaction. The price comes from an independent PwC valuation and sits at the top of its range. Bahnhof said NOK 35 million is less than 1% of its market value. If K.N. Telecom sells a majority of the Norwegian business’s shares or assets within 24 months, proceeds above the purchase price go back to Bahnhof after KNT’s later capital or other contributions are deducted.

The governance detail is unusually close to the asset: KNT belongs to the founders, who also sit on Bahnhof’s board. They were conflicted and did not take part in preparing or deciding the transfer. Aktiemarknadsnämnden said the board could decide in this special case, while saying the transfer should be conditional on Telenor making the SEK 62 offer. The official opinion and Bahnhof’s announcement lay out that bargain.

The scale argument has a wrinkle. AMN’s record says the Norway business had NOK 61 million in 2025 revenue and a NOK 10 million loss, about 3% of group revenue. Bahnhof’s later half-year report shows a sharply better revenue run-rate. That is a growing asset being moved to its founders’ company just as the group changes control. The agreement had not been reported as closed by 25 October.