Telenor Acquires GlobalConnect's Consumer Business for $600m to Boost FTTP Reach

Telenor has announced plans to acquire GlobalConnect's consumer business in Norway for NOK 6 billion ($600 million), subject to approval from the Norwegian Competition Authority. This strategic move aims to strengthen Telenor's position in Norway's competitive fibre-to-the-premises (FTTP) market.

The acquisition includes fibre infrastructure and approximately 140,000 FTTP customers, increasing Telenor's market share from 22% to 29%, based on 2024 data from the Norwegian Communications Authority (Nkom). This expansion is expected to enhance Telenor's operational scale and efficiency in a market described as "highly fragmented."

In the first quarter of 2025, Telenor experienced a decline of 11,000 fixed broadband subscribers, including 2,000 FTTP customers. The acquisition of GlobalConnect's consumer business is seen as a strategic step to reverse this trend and bolster Telenor's position in the Norwegian broadband market.

Telenor anticipates annual post-integration cost savings of about NOK 150 million ($14.8 million) and integration capital expenditure of approximately NOK 300 million ($29.7 million) from 2026 to 2028. The company expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) of around NOK 300 million ($29.7 million) in each of the first two years after integration and restructuring costs.

GlobalConnect plans to focus on its wholesale and B2B business in the future, with CEO Martin Lippert stating that B2B and carrier customers in Norway "remain a strategic focus" and that the company will continue its investments in these areas.

This acquisition aligns with Telenor's long-term strategy to build a robust and scalable telecom infrastructure in Norway, enhancing its ability to compete effectively in the evolving broadband market.