Telenor has announced an agreement to acquire Enivest, one of Western Norway’s leading fiber broadband operators, in a transaction valued at NOK 2.5 billion. The acquisition reinforces Telenor’s strategy to expand its presence in the Norwegian broadband market and strengthen its digital infrastructure capabilities across the country.
The deal includes Enivest’s fiber network, approximately 28,000 broadband customers, and a 34 percent stake in Årdalsnett, which serves around 3,000 customers. The acquisition significantly enhances Telenor’s position in Western Norway, a region with strong demand for high-speed broadband connectivity.
Telenor President and CEO Benedicte Schilbred Fasmer described the acquisition as an important strategic move that aligns with the company’s long-term ambition to grow its broadband business through both organic expansion and targeted acquisitions. She emphasized Telenor’s continued commitment to investing in resilient digital infrastructure throughout Norway.
For Enivest customers, the acquisition is expected to deliver access to a broader portfolio of services, including Telenor’s digital security, entertainment, and connectivity solutions. Enivest will continue operating as an independent company, retaining its current management team and local operational structure.
Enivest, founded in 2001, has grown into one of the largest fiber communications providers in Western Norway. The company employs around 50 people across locations including Førde, Sogndal, Florø, Stryn, and Sunnhordland. CEO Nandor Helgheim said the partnership with Telenor provides a strong platform for future growth while maintaining the company’s regional strengths and customer focus.
The transaction highlights ongoing consolidation within Norway’s fragmented fiber broadband market. Telenor believes larger-scale operations are increasingly important for delivering sustainable and reliable broadband services while supporting future network investments.
Financially, Enivest generated approximately NOK 290 million in revenue and around NOK 130 million in EBITDA during 2025. The company expects EBITDA growth of approximately 12 percent in 2026, supported by the completion of most of its fiber rollout projects and improving cash flow generation.
The acquisition values Enivest at an enterprise value-to-EBITDA multiple of around 17x based on expected 2026 EBITDA. Including anticipated synergies from integration, cross-selling, and upselling opportunities, the multiple is expected to fall to approximately 10x.
Telenor also plans to invest around NOK 150 million over time in network upgrades and integration activities to enhance service quality and operational efficiency. The company expects to realize significant synergies through the combination of Enivest’s regional expertise and Telenor’s nationwide broadband and digital services portfolio.
The transaction remains subject to approval by the Norwegian Competition Authority and is expected to close during 2026.
Enivest’s shareholder base currently includes Eviny with a 55.8 percent stake, SFE with 40.3 percent, Tussa IKT with 1.7 percent, CEO Nandor Helgheim with 1.4 percent, Sunnfjord Municipality with 0.7 percent, and Hyllestad Municipality with 0.1 percent.
SHAFANA FAZAL