Telenor president and CEO, Schilbred Fasmer, said: “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.
“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.”
According to GlobalConnect, the move is part of a shift in its strategy to focus its B2C operations across the Nordics toward wholesale services.
GlobalConnect CEO, Martin Lippert, added: “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.”
As a result of the deal, Telenor’s share of fibre subscriptions in Norway is expected to rise from 22% to 29%, respectively, based on 2024 data from the Norwegian Communications Authority (NKOM).
This comes as the consumer business generated over NOK 0.6 billion ($59 million) in revenue in 2024 and Telenor projects an EBITDA of about NOK 0.3 billion ($29 million) annually for the first two years after integration.
The company also expects free cash flow to reach a NOK 0.45 billion ($44 million) run-rate before financing costs by 2028.
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