Telenor Group has announced the acquisition of a controlling stake in Swedish broadband provider Bahnhof in a transaction valued at SEK 6.1 billion, significantly strengthening its position in Sweden’s fixed broadband market.
The deal will make Telenor Sweden the country’s second-largest fixed broadband provider, while increasing its consumer subscriber market share from approximately 15 percent to 27 percent.
The acquisition remains subject to regulatory approvals and is expected to close within four to eight months.
Telenor will launch a mandatory cash offer to remaining Bahnhof shareholders at SEK 62 per share, after acquiring the founders’ shares at SEK 60 per share and purchasing Oresund Investment’s 6.7 percent shareholding, representing 1.9 percent of voting rights, at SEK 62 per share.
Bahnhof is serving more than 500,000 consumer customers and around 15,000 enterprise customers. The company also owns proprietary network infrastructure, operates across open access networks, and manages five colocation data centres, strengthening Telenor’s enterprise connectivity and digital infrastructure portfolio.
Bahnhof founders Jon Karlung and Andreas Norman currently control 50.8 percent of the shares and 86 percent of the voting rights. Both executives will join Telenor after the acquisition, while Bahnhof will continue operating under its own brand with its established focus on privacy, cybersecurity, and technical expertise.
Bahnhof reported last-twelve-month (LTM) revenue of SEK 2.3 billion, LTM EBITDA of SEK 0.36 billion, and LTM free cash flow of SEK 0.24 billion as of the first quarter of 2026, while maintaining minimal lease liabilities.
Telenor expects the acquisition to generate substantial operational and commercial synergies through cross-selling and upselling across its broadband, mobile, and enterprise portfolios. The company forecasts that the transaction will increase annual EBITDA progressively during the first four years, averaging approximately SEK 0.7 billion per year, before annual integration costs of around SEK 0.1 billion over the same period.
The acquisition reinforces Telenor’s strategy of expanding across the Nordic region, where it already maintains significant operations in all four Nordic markets. Sweden, the largest Nordic market by population, represents a key growth opportunity, and the addition of Bahnhof provides Telenor with greater scale, stronger broadband capabilities, and enhanced enterprise infrastructure to compete more effectively in the country’s telecommunications sector.