Telenor has agreed to acquire Enivest, one of the leading fiber operators in Western Norway, in a transaction valued at NOK 2.5 billion.
The acquisition includes Enivest’s fiber network and approximately 28,000 customers, along with a 34% ownership stake in Årdalsnett, which serves around 3,000 customers. The deal strengthens Telenor’s position in Western Norway and advances its strategy of building scale in the country’s broadband market.
Founded in 2001, Enivest has grown into one of the largest fiber communications providers in Western Norway. The company employs around 50 people and operates from offices in Førde, Sogndal, Florø, Stryn, and Sunnhordland.
Following the acquisition, Enivest will continue operating as a separate company under its existing management team. Customers are expected to benefit from access to Telenor’s broader portfolio of digital security and entertainment services.
In 2025, Enivest generated approximately NOK 290 million in revenue and EBITDA of around NOK 130 million. The company expects EBITDA growth of roughly 12% in 2026. With most of its fiber rollout completed, Enivest is positioned to generate stronger cash flow going forward.
Telenor expects to realize significant synergies over time through upselling and cross-selling opportunities across its broader product portfolio. The deal values Enivest at approximately 17 times expected 2026 EBITDA, declining to around 10 times EBITDA when fully realized synergies are included.
Telenor also plans to invest approximately NOK 150 million in integration efforts and network upgrades.
The transaction remains subject to approval from the Norwegian Competition Authority and is expected to close in 2026.
KEY QUOTES:
“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.”
Benedicte Schilbred Fasmer, President and CEO of Telenor
“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.”
Birgitte Engebretsen, CEO of Telenor 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.”
Nandor Helgheim, CEO of Enivest
