- Telenor has acquired GlobalConnect’s Norwegian consumer business for NOK 6 billion ($597 million).
- The deal will boost Telenor’s fibre network share in Norway from 22% to 29%.
What happened
Telenor has bought GlobalConnect’s Norwegian consumer business for NOK 6 billion ($597 million). This deal includes fibre infrastructure and around 140,000 fibre customers. By adding this to its network, Telenor will increase its fibre footprint and improve operational efficiency. The new customers will also get access to Telenor’s services, which include home Wi-Fi, digital security, and entertainment. These services are backed by Telenor’s established customer support and network.
Telenor’s CEO, Schilbred Fasmer, said this acquisition is a key step for the company. He explained that by integrating the GlobalConnect consumer business into Telenor’s fibre network, they will be able to provide reliable services to more households. This is part of Telenor’s long-term goal to strengthen its fibre network across Norway and offer more value to its customers.
Why it’s important
The deal is important for Telenor because it will increase its share of fibre subscriptions in Norway. According to the Norwegian Communications Authority (NKOM) data for 2024, Telenor’s fibre subscription share is expected to increase from 22% to 29%. The consumer business that Telenor acquired generated over NOK 0.6 billion ($59 million) in revenue in 2024. Telenor expects that, after the deal is done, it will make an EBITDA of about NOK 0.3 billion ($29 million) in the first two years. They also expect the company to reach free cash flow of NOK 0.45 billion ($44 million) by 2028.
For GlobalConnect, this sale is part of a shift in its business plans. The company is moving towards focusing on wholesale services in the Nordics. GlobalConnect’s CEO, Martin Lippert, explained that selling the consumer business in Norway is part of the company’s new strategy. They will continue to focus on their B2B and Carrier business in Norway, while Telenor takes over the consumer side.
