Telenor sells 50% stake in Connexion at NOK 2.5-3/share value uplift-05/12/2026

Research evidence excerpt

Telenor sells 50% stake in Connexion at NOK 2.5-3/share value uplift-05/12/2026

Telenor

NEWSFLASH | 12 MAY 2026

Telenor sells 50% stake in Connexion at NOK 2.5-3/share value uplift

Telenor has entered into an agreement with Verdane to sell 50% of its sim IoT business Connexion. The transaction values

the company at SEK 7.5-7.8bn equating to 18-19x ’25 EV/EBITDA. For comparison, the latest SOTP consensus collection

valued AMP (including Connexion) at 12x EV/EBITDA. As such, this gives a value uplift of NOK 2.5-3.0/share where Telenor

will receive SEK 4.6bn in liquid funds upon close (Sep’26e) while committing to SEK 2.0bn in future investments. We read

this to reflect Telenor’s efforts to become Nordic-centric and get Verdane’s know-how to take the global Connexion business

further. Telenor continues to pile cash, and we would expect either Nordic consolidation or extraordinary distributions.

Detailed take-aways

• Telenor has entered into an agreement to sell Verdane a 50% of its stake in Connexion – Telenor’s sim IoT business unit with 31m sim

cards globally and a top-10 position ex China.

• The transaction values Connexion at SEK 7.5bn. With ’25 revenue of SEK 1.3bn and EBITDA at SEK 415m, this equates to 5.75x EV/S

and 18x EV/EBITDA. In addition, there is a SEK 0.3bn earn-out that can increase the valuation to 6x EV/S and 18.8x EV/EBITDA.

• For comparison, we estimate the entire AMP segment to generate NOK 560m in ‘26e EBITDA adj. where Connexion makes up ~75%. In

the last consensus collection of Telenor’s SOTP, AMP was valued at NOK 4.9bn, or 12x EV/EBTIDA adj. If we assume equal valuation of

all units within AMP (probably an underestimation of Connexion’s valuation), Connexion was valued at NOK 3.7bn in the last SOTP

consensus collection.