Telenor to acquire Enivest in NOK 2.5 billion deal strengthening its fibre broadband presence in Western Norway

Telenor to acquire Enivest in NOK 2.5 billion deal strengthening its fibre broadband presence in Western Norway

(IN BRIEF) Telenor has agreed to acquire Enivest, a leading fibre operator in Western Norway, in a NOK 2.5 billion transaction that will strengthen its position in the Norwegian broadband market. The acquisition includes Enivest’s fibre network, around 28,000 customers and a 34% stake in Årdalsnett, which has approximately 3,000 customers. Telenor said the deal supports its strategy to build scale in broadband through acquisitions and continued investment in Norway’s digital infrastructure. Enivest will continue to operate as a separate company with its existing management team, while customers are expected to gain access to Telenor’s wider range of services, including digital security and entertainment offerings. Enivest generated around NOK 290 million in revenue and NOK 130 million in EBITDA in 2025, with 2026 EBITDA growth expected at around 12%. Telenor expects synergies through upselling and cross-selling and plans to invest around NOK 150 million in integration and network upgrades. The transaction remains subject to approval by the Norwegian Competition Authority and is expected to close in 2026.

(PRESS RELEASE) FORNEBU, 10-Jun-2026 — /EuropaWire/ — Telenor has agreed to acquire Enivest, one of Western Norway’s leading fibre operators, in a transaction valued at NOK 2.5 billion. The agreement supports Telenor’s strategy to expand its scale in the Norwegian broadband market and strengthen its position in a region with attractive fibre growth opportunities.

The transaction includes Enivest’s fibre network and approximately 28,000 customers. It also includes Enivest’s 34% ownership stake in Årdalsnett, which serves around 3,000 customers. Telenor said the acquisition represents another step in its plan to grow within broadband, including through targeted acquisitions and continued investment in Norway’s digital infrastructure.

Benedicte Schilbred Fasmer, President and CEO of Telenor, said the agreement is an important strategic move for the company. She said Telenor will continue investing in robust digital infrastructure in Norway and has clear ambitions to grow in broadband. Fasmer described Enivest as a well-managed company with a strong local presence that fits closely with Telenor’s long-term strategy.

Enivest’s customers are expected to benefit from access to a broader service portfolio following the acquisition, including Telenor’s digital security and entertainment offerings. Enivest will continue operating as a separate company, and its current management team will remain in place.

Birgitte Engebretsen, CEO of Telenor Norway, said Enivest has built a strong professional environment and delivers high-quality services to customers. She said Telenor’s experience in operating and developing fibre networks at scale, combined with Enivest’s existing expertise, creates a strong foundation for further development. By bringing together the strengths of both companies, Telenor aims to enhance the customer offering and support the development of future digital infrastructure in Western Norway.

Founded in 2001, Enivest has grown into one of the largest fibre communications providers in Western Norway. The company has around 50 employees across Førde, where its head office is located, as well as Sogndal, Florø, Stryn and Sunnhordland.

Nandor Helgheim, CEO of Enivest, said the company has established a strong regional position, a large customer base and a highly skilled workforce. He said Enivest has built a solid platform for further growth and, with Telenor as its new owner, is well placed to continue developing the business.

Telenor said the Norwegian fibre market remains fragmented and that greater scale is important for ensuring services that are operationally and financially robust over time. The company expects the acquisition to generate significant synergies, including through upselling and cross-selling of Telenor’s broader product portfolio.

In 2025, Enivest reported revenue of approximately NOK 290 million and EBITDA of around NOK 130 million. EBITDA growth of around 12% is expected in 2026. With most of its fibre rollout completed, Enivest is positioned for increased cash flow in the coming years.

The transaction implies an EV/EBITDA multiple of approximately 17x based on expected 2026 EBITDA, falling to around 10x when fully realised synergies are included. Telenor also plans to invest approximately NOK 150 million over time in integration and network upgrades.

The acquisition is subject to approval by the Norwegian Competition Authority and is expected to close in 2026.

Enivest’s shareholders include Eviny with 55.8%, SFE with 40.3%, Tussa IKT with 1.7%, Nandor Helgheim with 1.4%, Sunnfjord Municipality with 0.7% and Hyllestad Municipality with 0.1%.

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SOURCE: Telenor