TELENOR takes majority stake in BAHNHOF
Context
Telenor Group has announced the acquisition of a controlling stake in Bahnhof, a Swedish broadband provider, strengthening its position in the Swedish telecommunications market. The transaction will make Telenor the second-largest fixed broadband provider in Sweden and represents a significant step in the group’s Nordic growth strategy. The acquisition reflects Telenor’s ambition to expand its presence in Sweden, which is considered a key strategic market within the Nordic region. By combining Bahnhof’s fixed broadband capabilities with Telenor’s existing fixed and mobile operations, the transaction aims to create complementary strengths across network infrastructure, enterprise services and secure digital connectivity. Founded in 1994, Bahnhof has established itself as a recognised player in the Swedish broadband market, supported by a strong brand, customer-focused approach and proprietary infrastructure. The company operates its own network assets, provides access to open networks and manages several colocation data centres supporting digital infrastructure services. Following completion of the transaction, Bahnhof will continue operating under its own brand, while Telenor intends to build on the company’s market position and combine the capabilities of both organisations. Bahnhof’s CEO Jon Karlung and co-founder Andreas Norman will join Telenor as part of the transaction, supporting the integration and future development of the business.
BAHNHOF, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.9x).
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Target
Bahnhof is a Swedish provider of fixed broadband services established in 1994. The company operates a proprietary fiber-optic network that delivers residential broadband connections and leased lines to business customers across major urban areas. Its portfolio includes high‑capacity broadband packages for households, dedicated internet access for enterprises, and colocation services within five data‑centre facilities located in Stockholm, Gothenburg, Malmö, Uppsala and Linköping. Bahnhof’s customer base comprises roughly 500,000 residential subscribers and about 15,000 enterprise accounts, ranging from small‑ and medium‑size firms to large corporate users requiring secure connectivity and data‑center hosting. Revenue is generated through monthly subscription fees, wholesale fiber access contracts, and data‑centre rental income. The firm maintains control of its network assets, enabling end‑to‑end service provisioning and the ability to offer bundled solutions that combine connectivity with hosting and security features. Bahnhof’s brand is positioned around privacy‑focused services and network reliability, which it promotes through direct sales channels and partnerships with content providers. The company has expanded its footprint by acquiring access to open‑network infrastructure and by investing in capacity upgrades to support increasing demand for high‑speed internet and cloud‑related services. Operationally, Bahnhof employs a vertically integrated model that oversees network deployment, customer support, and data‑centre management.
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EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (SEK)
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REFERENCES
Valuation range: EV 3b - 100b SEK
Revenue range: 1b - 3b SEK
EBITDA range: 250M - 500M SEK
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: bahnhof
Acquirer: telenor