Telenor has announced that it has agreed to sell a 30% stake in its Norwegian fiber broadband unit called Telenor Fiber As. The deal will be worth 10.8 billion crowns ($1bn). A consortium led by pension firm Oslo Pensjonsforsikring and United States' investment company KKR is the stake buyer. The company noted that it would use the proceeds from the sale to fund share buybacks.
The CFO and EVP of Telenor Group, Hegland Bachke, said: "This transaction highlights the value in our infrastructure and unlocks capital to support continued high fiber roll-out in Norway, and we are bringing in strong investors with a long-term horizon. Following the transaction, Telenor will propose that parts of the proceeds are used for share buybacks. We believe this transaction benefits our stakeholders while safeguarding future investments in Norway's fiber." Telenor expects the deal to be completed in H1 2023.
