Telenor has secured the approvals it needs to take control of Swedish broadband provider Bahnhof, setting up a stronger challenge to market leader Telia in fixed services.
The approvals
On 3 November 2026 Telenor said the Swedish Competition Authority had cleared its proposed acquisition, and that it had also obtained foreign direct investment clearance from the Inspectorate of Strategic Products, the Swedish agency responsible for such reviews.
The deal
Mobile World Live reports that Telenor will buy 57.5% of Bahnhof's shares, carrying 87.9% of the voting rights. That stake comprises 50.8% held directly and indirectly by founders Jon Karlung and Andreas Norman, and 6.7% from Oresund Investment. The deal was agreed in July.
Under the agreed terms, Telenor must then make a mandatory cash offer for the remaining shares. It said it intends to do so at SEK62 per share "as soon as practicable following completion".
Market impact
Telenor expects its share of Sweden's consumer fixed broadband market to rise from 15% to 27%. The deal gives Telenor, primarily a mobile operator, a much larger fixed customer base to which it can sell combined fixed and mobile packages.
The clearance contrasts with the UK, where the CMA has provisionally opposed nexfibre's purchase of fibre builder Netomnia (see our separate report).
What happens next
Telenor will now complete the purchase of the controlling stake and then launch the offer for the minority shares.
Why it matters financially
- Offer price: Telenor intends to offer SEK62 per share for the shares it does not already own after completion.
- Market share: Telenor's consumer fixed broadband share in Sweden is expected to rise from 15% to 27%, according to Mobile World Live.
- Precedent: clearance of a fixed-broadband deal of this size may encourage further in-market consolidation in the Nordics.