- Telenor ASA (OTC:TELNF) (OTC:TELNY) agreed to divest a minority stake in its Norway fiber assets to a consortium led by KKR & Co Inc (NYSE:KKR) and Oslo Pensjonsforsikring for 10.8 billion kroner ($1 billion).
- The deal is part of a strategy by Norway’s biggest telecommunications company to highlight the value of its infrastructure and free up capital to lay down more fiber in the country, Bloomberg reports.
- The price represents an enterprise value for the Norwegian fiber business of 36.1 billion kroner.
- Also Read: Telecom Italia Seeks To Divest $21.5B Landline Network To Cut Down On Debt, Commence Fiber Launch
- Telenor plans to use part of the proceeds to buy back shares.
- The business generated a proforma EBITDA of 1.7 billion kroner in 2021.
- The newly established company is a subsidiary of Telenor and will be a part of the Infrastructure business area.
- It will own the passive fiber assets in Norway and includes 130,000 kilometers (81,000 miles) of cable.
- Telenor maintains control of the company with 70% of the shares.
- The transaction will likely be complete in early 2023.
- Price Action: TELNF shares closed at $8.95 on Thursday.
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