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Norwegian telecommunications company Telenor (OL:TEL) has agreed to acquire a controlling stake in Swedish broadband provider Bahnhof in a transaction that values the company at approximately 6.1 billion Swedish crowns ($629.7 million) on an enterprise value basis, strengthening Telenor’s position in Sweden’s fixed broadband market.
Under the agreement announced on Wednesday, Telenor will purchase shares from Bahnhof founders Jon Karlung and Andreas Norman for 60 Swedish crowns per share. The founders collectively control 50.8% of Bahnhof’s shares and 86% of its voting rights through direct and indirect ownership.
Telenor will also acquire a 6.7% stake from Oresund Investment, Bahnhof’s second-largest shareholder, at 62 Swedish crowns per share, further increasing its ownership ahead of a mandatory offer for the remaining shares.
The acquisition is expected to enhance Telenor’s financial performance, with the company forecasting an annual increase of approximately 0.7 billion Swedish crowns in EBITDA during the first four years after closing. This projection includes estimated annual integration costs of around 0.1 billion Swedish crowns over the same period.
Once the transaction is completed, Telenor Sweden will become the country’s second-largest fixed broadband provider. Its share of the consumer broadband market is expected to increase to roughly 27%, up from approximately 15%, significantly expanding its presence in the highly competitive Swedish telecommunications sector.
Despite the change in ownership, Bahnhof will continue operating under its existing brand, preserving its established market identity while benefiting from Telenor’s broader network and resources.
The acquisition remains subject to customary regulatory approvals. Following completion, Telenor will be required under Swedish takeover rules to launch a mandatory cash offer for all outstanding Bahnhof shares, giving remaining shareholders the opportunity to sell their holdings.
The deal underscores Telenor’s strategy of expanding its broadband footprint in the Nordic region through targeted acquisitions while strengthening its long-term market position in Sweden.
