Telenor has reached an agreement to acquire Enivest, a fibre operator in western Norway, for 2.5 billion Norwegian crowns, equivalent to $263.55 million. The purchase transfers ownership of Enivest’s fibre infrastructure and its customer base to Telenor, further expanding the telecom operator’s broadband presence in the region.
The assets being acquired include Enivest’s core fibre network and roughly 28,000 retail customers. The transaction also covers Enivest’s 34% stake in Årdalsnett, an operator that serves about 3,000 customers.
"We will continue to invest in robust digital infrastructure in Norway and have clear ambitions to grow within broadband, including through acquisitions," Telenor CEO Benedicte Schilbred Fasmer said.
Enivest’s reported financials for 2025 show revenues of approximately 290 million crowns and an EBITDA near 130 million crowns. The company expects EBITDA to increase by around 12% in 2026.
Telenor has outlined how it plans to capture additional value from the deal. Management said synergies should materialize over time, chiefly through upselling and cross-selling of Telenor’s broader portfolio of services to the newly acquired customer base. To support integration and to upgrade the network where needed, Telenor intends to invest about 150 million crowns over time.
Previously, energy group Eviny held the largest ownership stake in Enivest, at 55.8%.
Deal mechanics and assets
The acquisition transfers both customer contracts and physical fibre infrastructure to Telenor. The inclusion of the partial stake in Årdalsnett brings the deal’s total customer reach to an aggregate of roughly 31,000 users when Årdalsnett’s customer base is combined with Enivest’s.
Financial snapshot and outlook
Enivest’s 2025 results provide a baseline for the transaction: about 290 million crowns in revenues and an EBITDA figure close to 130 million. Management forecasts around 12% EBITDA growth for 2026, a projection that underpins expectations for post-acquisition performance.
Integration and value capture
Telenor signaled that it will seek to realize long-term synergies by marketing its wider suite of products to the acquired subscribers. The company also flagged a planned capital allocation of roughly 150 million crowns targeted at integration efforts and network enhancements following closing.
These elements together frame the transaction as a strategic move to scale Telenor’s broadband footprint in western Norway while attempting to drive revenue expansion through deeper product penetration of the acquired customer base.