Telenor acquires Enivest in Western Norway

Telenor has agreed to acquire Enivest, one of the leading fibre operators in Western Norway, in a transaction valued at NOK 2.5 billion.

he acquisition includes Enivest’s fibre network and approximately 28,000 customers, as well as a 34 per cent stake in Årdalsnett, which has around 3,000 customers. This strengthens Telenor’s position in an attractive regional market and marks another step in its strategy to build scale in the Norwegian broadband market.

“This is an important strategic step for Telenor. We will continue to invest in robust digital infrastructure in Norway and have clear ambitions to grow within broadband, including through acquisitions. Enivest is a well-run company with strong local presence that fits well with our long-term strategy”, says Benedicte Schilbred Fasmer, President and CEO of Telenor.

Through the acquisition, Enivest’s customers will gain access to a broader range of services, including Telenor’s digital security and entertainment offerings. Enivest will continue to operate as a separate company, with the current management team unchanged.

“Enivest has built a professional environment and delivers high-quality services to its customers. Telenor has extensive experience in operating and developing fibre networks at scale and, combined with the expertise already in place at Enivest, we have a strong foundation for further development. By combining the best of both organisations, we will strengthen the offering and develop the digital infrastructure of the future in Western Norway”, says Birgitte Engebretsen, CEO of Telenor Norway.

Enivest has around 50 employees based in Førde (head office), Sogndal, Florø, Stryn and Sunnhordland. Since its establishment in 2001, the company has grown to become one of the largest providers of fibre communications in Western Norway.

“Enivest has a strong position in the region, a large customer base and highly skilled employees. We have built a solid platform for further growth, and with Telenor as our new owner, we are well positioned to continue developing the company”, says Nandor Helgheim, CEO of Enivest.

The Norwegian fibre market is fragmented, and Telenor believes greater scale is important to ensure robust and sustainable services, both operationally and financially.

In 2025, Enivest reported revenues of approximately NOK 290 million and EBITDA of around NOK 130 million. For 2026, EBITDA growth of around 12 per cent is expected. The company has largely completed its fibre rollout, paving the way for increased cash flow going forward.

As a result of the acquisition, Telenor expects significant synergies to be realised over time, including through upselling and cross-selling of Telenor’s broader product portfolio. The transaction impliesan EV/EBITDA multiple of approximately 17x based on expected 2026 EBITDA, reducing to around 10x including fully realized synergies.

Telenor plans to invest approximately NOK 150 million over time in integration and network upgrades.

The transaction is subject to approval by the Norwegian Competition Authority and is expected to close in 2026.

• Eviny (55.8%)

• SFE (40.3%)

• Tussa IKT (1.7%)

• Nandor Helgheim (1.4%)

• Sunnfjord Municipality (0.7%)

• Hyllestad Municipality (0.1%)