Telenor, a Norwegian majority state-owned multinational telecommunications company, has agreed to divest 30 percent of its newly established company, Telenor Fiber, to a consortium led by KKR. The consortium includes Oslo Pensjonsforsikring, a life insurance company wholly owned by the Municipality of Oslo, as a co-investor.
Telenor Fiber is a subsidiary of Telenor and will be a part of the Infrastructure business area. The company will own the passive fiber assets in Norway, including 130,000 kilometers (80,778 miles) of cables, connecting upwards of 560,000 homes.
The company’s assets will be transferred from Telenor Norway in a demerger process prior to completion of the transaction. Telenor Norge will be the company’s only customer and all operational processes remain under full Telenor control. Telenor maintains control in the company with 70 percent of the shares.
The company plans to ask for a share buyback mandate amounting to around 30 percent of th
