Telenor Sells 50% of IoT Unit at 7.5 Billion Kronor as It Refocuses on Nordics
Updated
Updated · Bloomberg · May 12
Telenor Sells 50% of IoT Unit at 7.5 Billion Kronor as It Refocuses on Nordics
4 articles · Updated · Bloomberg · May 12
Telenor agreed to sell half of Telenor Connexion to Verdane, valuing the internet-of-things business at 7.5 billion Swedish kronor, or about $809 million.
The transaction leaves Telenor and Verdane each owning 50% of the venture, and both parties will commit an additional 2 billion kronor of investment.
Telenor said the deal is part of an operational overhaul aimed at sharpening its focus on its core Nordic telecommunications business.
With billions in new funding, can Telenor's IoT venture now challenge global tech giants like Cisco and Verizon?
Is Telenor's $809M IoT partnership the new survival blueprint for telcos in the age of AI?