Telenor ASA — M&A Activity 2026

Jun 8, 2026

Telenor receives approval to acquire GlobalConnect’s consumer business in Norway

Telenor receives approval to acquire GlobalConnect’s consumer business in Norway

(Fornebu, 8 June 2026) The Norwegian Competition Authority has approved Telenor's acquisition of GlobalConnect's Norwegian fibre business for residential customers. The transaction is valued at NOK 6 billion and is approved subject to remedies.

“This transaction strengthens Telenor's position in the Norwegian broadband market and is good for customers and for market development. Whilst we disagree that remedies were necessary, we are pleased to have reached a resolution. We look forward to welcoming 125,000 new customers to Telenor”, says Benedicte Schilbred Fasmer, President and CEO of Telenor.

Conditions for approval

As a condition of approval, Telenor and GlobalConnect are required to implement the following measures:

• GlobalConnect's fibre infrastructure at addresses where Telenor also offers fibre shall be divested to another provider, including approximately 6,000 customers at such addresses.

• GlobalConnect's approximately 9,000 resale customers using Telenor's fibre network shall be transferred to another provider.

• The fibre network acquired from GlobalConnect shall be opened for competition through service providers, which already applies to Telenor's existing network.

“This acquisition is in line with our strategy to develop and consolidate critical digital infrastructure across the Nordics, and is an important step in strengthening Telenor's position in a market where scale and quality are becoming increasingly important”, says Fasmer.

Next steps

The transaction is expected to complete in autumn 2026. Customers acquired as part of the transaction will subsequently be migrated to Telenor's platform on a gradual basis. In the meantime, they will retain their existing services and continue to be served as today.

GlobalConnect will continue to offer fibre capacity to the business market.

About the transaction

Following implementation of the remedies, the acquisition encompasses approximately 125,000 fibre customers and forms a central part of Telenor's strategy to strengthen its position in the Norwegian fibre market. Telenor's share of the consumer fibre market is expected to increase from 22 per cent to 29 per cent following completion. Telenor's aim is to provide more households with secure, reliable and future-proof broadband services.

The purchase price will be adjusted upon completion of the remedies and will be disclosed at that time. For further details regarding the financial terms, please refer to the stock exchange announcement of 7 July 2025.

“Our focus now is to complete the transaction and take good care of our new customers. We are committed to ensuring a smooth transition for both customers and employees, and to delivering the quality and reliability that is expected of Telenor”, says Fasmer.

For additional information, please contact:

Frank Maaø, SVP Capital Markets and Investor Relations (+47 91674045)

David Fidjeland, Director Media Relations (+47 93467224)