Verdane and Telenor have agreed to establish a jointly owned company for Telenor Connexion, with each party holding 50 percent ownership. The transaction values the business at SEK 7.5 billion. As consideration, Telenor will receive approximately SEK 3.8 billion in cash, along with a seller credit of approximately SEK 0.8 billion. Rather than a full change of ownership, the deal brings in Verdane as an equal partner alongside Telenor, which retains half of the company it has built over two decades into a global provider of enterprise IoT solutions.
Telenor Connexion operates with its headquarters and tech center in Sweden, complemented by an international sales presence spanning the UK, US, the Nordics, Germany, South Africa, Japan, Korea, China, Thailand, Singapore, and Malaysia. The company prides itself on its Nordic business heritage and a commitment to open and transparent operations globally. Its team comprises platform developers, service engineers, data scientists, and marketers, all dedicated to delivering solutions and services that positively impact businesses and communities. Telenor Connexion specializes in helping customers roll out scalable, stable, and secure IoT solutions tailored to their specific needs for coverage, quality, and price, engaging early in strategic project planning and offering support through the entire product life cycle. Its offering includes global managed connectivity, a cloud-based IoT platform, and managed services, all backed by expert support.
The partnership pairs Telenor's continued ownership and operational heritage with Verdane's capital and growth expertise in the enterprise IoT market. The 50/50 structure is designed to accelerate Telenor Connexion's growth while keeping Telenor invested in the outcome, with the cash consideration and seller credit reflecting a shared stake in the company's future performance. For Telenor Connexion, the arrangement opens new avenues for investment in its technology platform and international expansion, building on an established foundation rather than resetting it.
Under joint ownership, Telenor Connexion is positioned to continue its work in the enterprise IoT space, delivering connectivity, platform, and managed services that address the evolving needs of its global customer base.