Telenor agreed on 12 May to bring Verdane in as a 50% owner of Telenor Connexion, its managed IoT connectivity business, in a transaction that values the company at SEK 7.5bn.
Why Verdane is buying Telenor Connexion (50% stake)
Telenor said the partnership would realise value from Telenor Connexion's market position while giving it long-term growth capital in a capital-efficient structure. Verdane said the business is well placed in a structural growth market that will benefit from AI adoption through connected devices.
Deal terms and financing
Telenor receives about SEK 3.8bn in cash and a seller credit of about SEK 0.8bn and books a gain of about SEK 7.2bn. Each owner commits a further SEK 2bn, the company takes on about SEK 2.2bn of new bank debt and an earn-out could add SEK 0.3bn to the enterprise value. Verdane also buys Telenor's stakes in BLDNG.ai and Whereby.
Regulatory approvals and timing
Telenor said on 10 September 2026 that the transaction had been completed; Telenor Connexion is now reported as an associated company.
Market context
Telenor Connexion is a top-ten IoT connectivity player outside China, with 31 million SIM cards in operation in more than 200 countries, revenue of about SEK 1.3bn and EBITDA of about SEK 415m in 2025.
