Telenor ASA: More Nordic M&A, as Telenor acquires Bahnhof for SEK 6.1bn to accelerate growth in Sweden

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Telenor ASA: More Nordic M&A, as Telenor acquires Bahnhof for SEK 6.1bn to accelerate growth in Sweden

Equity Research

European Telecom Services

8 July 2026

Telenor ASA

More Nordic M&A, as Telenor

acquires Bahnhof for SEK 6.1bn to

TEL.OL/TEL NO UNDERWEIGHTaccelerate growth in Sweden

European Telecom Services NEUTRAL

Telenor agreed to acquire a controlling stake in Swedish Price Target NOK 140.00

broadband provider Bahnhof in a transaction valuing the Price (07-Jul-26) NOK 144.40

company at SEK 6.1bn EV. We do see active consolidation PotentialSource: Bloomberg,Upside/DownsideBarclays Research -3.0%

across the Nordic markets, which could boost hope of further

European Telecom Servicesmarket repair.

Maurice Patrick

+44 (0)20 3134 3622

Nordic in-market consolidation continues apace. After Telia completed the acquisition of maurice.patrick@barclays.com

broadband reseller Bredband in Sweden in Feb 26, and Telenor announced two Broadband Barclays, UK

acquisitions in Norway in Jun 26, Telenor has now agreed (link here) to acquire a controlling Mathieu Robilliard

stake in Swedish broadband provider Bahnhof (not covered) in a transaction valuing the +44 (0)20 3134 3288

company at SEK 6.1bn EV, marking one of the most significant fixed-line consolidation deals in mathieu.robilliard@barclays.com

the Nordic telecom market. According to the company, Bahnhof serves more than 500k BBI, Paris

consumer and 15k enterprise customers and brings a combination of fibre access, proprietary Ganesha Nagesha

network infrastructure and five colocation data centres. The proposed acquisition +91 (0)22 6175 1712

would increase Telenor’s Swedish consumer broadband market share from c.15% to c.27%, ganesha.nagesha@barclays.com

making it the country’s second-largest fixed broadband provider.