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Telenor Divests 30% Of Norway Fiber Company for $1B – KKR & Co (NYSE:KKR), Telenor (OTC:TELNF), Telenor (OTC:TELNY) – Stocks to Watch
  • Tue. Apr 23rd, 2024
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Telenor Divests 30% Of Norway Fiber Company for $1B – KKR & Co (NYSE:KKR), Telenor (OTC:TELNF), Telenor (OTC:TELNY)

ByAnusuya Lahiri

Oct 7, 2022
Telenor Divests 30% Of Norway Fiber Company for $1B - KKR & Co (NYSE:KKR), Telenor (OTC:TELNF), Telenor (OTC:TELNY)

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  • Telenor ASA TELNF TELNY agreed to divest a minority stake in its Norway fiber assets to a consortium led by KKR & Co Inc KKR and Oslo Pensjonsforsikring for 10.8 billion kroner ($1 billion).

  • The deal is part of a strategy by Norway’s biggest telecommunications company to highlight the value of its infrastructure and free up capital to lay down more fiber in the country, Bloomberg reports.

  • The price represents an enterprise value for the Norwegian fiber business of 36.1 billion kroner.

  • Also Read: Telecom Italia Seeks To Divest $21.5B Landline Network To Cut Down On Debt, Commence Fiber Launch

  • Telenor plans to use part of the proceeds to buy back shares.

  • The business generated a proforma EBITDA of 1.7 billion kroner in 2021.

  • The newly established company is a subsidiary of Telenor and will be a part of the Infrastructure business area.

  • It will own the passive fiber assets in Norway and includes 130,000 kilometers (81,000 miles) of cable.

  • Telenor maintains control of the company with 70% of the shares.

  • The transaction will likely be complete in early 2023.

  • Price Action: TELNF shares closed at $8.95 on Thursday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Anusuya Lahiri

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