Telenor has entered into an agreement to sell telecom operator Open Universe and the company’s villa fiber infrastructure to Global Connect for 3 billion Norwegian kroner, according to a statement on Wednesday.
The sale is expected to give Telenor a gain of NOK 1.7 billion before tax.
Selling to buyout fund
Global Connect is owned by the Swedish buyout fund EQT and as a result of several mergers. The fund first entered Danish Global Connect in 2017. The following year, it merged with Broadnet, and another year later, this merged again with another EQT-owned company: IP Only.
At that time, DN wrote about one Large fiber fusion would give Telenor and Telia more competition.
Global Connect has its own national fiber network in Norway. In all, the company owns and operates more than 84,000 kilometers of fiber and 27,000 square meters of secure data centers in Norway, Denmark, Sweden, Finland and northern Germany.
Telenor’s sales to Global Connect include approximately 200,000 outlets in open fiber networks and fiber access to approximately 14,000 residential customers, the announcement said Wednesday.
In 2020, pre-consumer operating profit (ebitda) from Open Universe and Villa Fiber was about NOK 240 million. The company is a telecom operator that provides services on third-party infrastructure.
For Telenor, selling is part of the Swedish company’s strategy to streamline operations and focus on the end customer market. Telenor will retain end customers on the company’s ISP solution after the sale.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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