Telenor has received approval from Sweden's competition authority for its acquisition of a controlling stake in broadband provider Bahnhof, satisfying all regulatory conditions for the SEK6.1bn deal, the Norwegian group said on 2 November 2026.
Why Telenor ASA is buying Bahnhof AB (publ)
Telenor said Sweden is the largest Nordic market by population and a key strategic priority. The deal makes Bahnhof the second-largest fixed broadband provider within Telenor Sweden and lifts Telenor's share of consumer subscribers from about 15% to about 27%. Bahnhof will keep its brand and its focus on privacy and security.
Deal terms and financing
Telenor is buying the shares of founders Jon Karlung and Andreas Norman at SEK60 each and Öresund Investment's stake at SEK62, taking it to 57.5% of shares and 87.9% of votes. It intends to make a mandatory cash offer of SEK62 a share to remaining shareholders within four weeks of completion. Telenor expects EBITDA synergies averaging about SEK0.7bn a year over four years, with integration costs of about SEK0.1bn a year.
Regulatory approvals and timing
The Inspectorate of Strategic Products cleared the deal under foreign direct investment rules on 20 October 2026 and the Swedish Competition Authority approved it on 2 November. Telenor said completion of the remaining steps was expected shortly.
Market context
Bahnhof, founded in 1994, serves more than 500,000 consumers and about 15,000 businesses and runs five colocation data centres. It reported LTM revenue of SEK2.3bn and EBITDA of SEK0.36bn at the first quarter of 2026. The SEK62 offer price was about 22% above Bahnhof's closing price before the July announcement.
