Telenor-Acquire Bahnhof to increase Swedish fiber market share to 27%-07/08/2026

Research evidence excerpt

Telenor-Acquire Bahnhof to increase Swedish fiber market share to 27%-07/08/2026

Telenor

NEWSFLASH | 8 JUL 2026

Acquire Bahnhof to increase Swedish fiber market share to 27%

Telenor just announced the acquisition of Bahnhof – A Swedish fiber operator that will bring Telenor’s Swedish consumer

market share to 27% (15%). The transaction values the EV at SEK 6.1bn which implies 5.8x EV/EBITDA post-synergies in

‘29e, to Telenor trading at 7.2x EV/EBITDA adj. in ’27e (pro rata). The transaction is subject to regulatory approvals, expected

in the next four to eight months. Note that the acquisition accounts for only ~2.5% of Telenor’s EV, and hence we expect this

to be more or less neutral to valuations. One potential positive read from today however, is that some investors have been

skeptical to a full Three acquisition which gets less likely with every smaller bolt-on acquisition.

Transaction details

• Bahnhof has ~500,000 broadband consumer customers, that will bring Telenor’s Swedish consumer market share from ~15% to ~27%.

Bahnhof also has ~15,000 enterprise broadband customers. As such, the transaction puts Telenor in a clear number to market position

in Swedish broadband.

• Telenor has entered into an agreement to acquire the founder’s shares (50.8% of shares and 86% of the voting) at SEK 60/share and

Öresund’s shares (6.7% of the shares and 1.9% of the votes) at SEK 62/share. In addition, there will be a mandatory cash offer for the

remaining shares at SEK 62/share shortly. The company needs 90% of the shares to force the full buy-out.

• This implies a total EV of SEK 6.1bn.

• Mgmt. cite SEK 0.36bn in Q1’26 LTM EBITDA.

• This values the company at 17x EV/EBITDA. Similar to Bredband2 EV/EBITDAaL 16x on LTM Q1’25. Telenor is currently trades at 7.2x

‘27e EV/EBITDA adj.