Telenor Sweden closes on Bahnhof and opens a SEK 62 mandatory offer

Telenor Sweden closes on Bahnhof and opens a SEK 62 mandatory offer

6 November 2026: Telenor Sweden has taken a controlling stake in Bahnhof and is making an unconditional mandatory cash offer of SEK 62 a share to the remaining shareholders, completing a deal first announced in July. Bahnhof's roughly 15,000 enterprise customers and five colocation data centres now answer to a far larger telecom group.

Not yet independently verified. The stake after completion and the offer period are not stated in the release we read, and Oslo Bors's message would not load. Bahnhof's own statement has not been seen. We will update this when it can be confirmed, and remove this note.

From July's price to November's close

Telenor put Bahnhof's enterprise value at SEK 6.1 billion when it announced the purchase on 8 July. It agreed to pay the founders SEK 60 a share, and SEK 62 to Oresund Investment and in the later offer. Founders Jon Karlung and Andreas Norman held 50.8 percent of the shares and 86 percent of the votes at that stage, and Oresund held 6.7 percent.

Telenor's newsroom lists the Swedish Competition Authority's approval on 2 November, and completion followed within days. Holders who remain have the offer in front of them, with details published at telecom-offer.com.

What Telenor is buying

Bahnhof, founded in 1994, is a Swedish internet provider that also runs colocation sites. At the time of the announcement it reported more than 500,000 consumer customers, last-twelve-month revenue of SEK 2.3 billion and EBITDA of SEK 0.36 billion.

"By joining Telenor, we gain the scale to compete more effectively across both existing and new market segments," said Jon Karlung, Bahnhof's chief executive, in July. Jonas Eden, chief executive of Telenor Sweden, said in the same release that "Bahnhof brings a strong team, a loyal customer base and complementary capabilities."

Questions for Bahnhof's business customers

Bahnhof's enterprise customers are the group with the most to check. Contracts for connectivity or colocation are worth reading now for change-of-control wording, renewal dates and any price commitments, before a larger owner starts to bring products and terms into line with its own.

Companies that chose Bahnhof's data centres as a second site alongside Telenor connectivity should look again as well. Two suppliers that once gave independent routes now share an owner, and that can change what a resilience plan is worth even if nothing physical moves.

Neither company has given a timetable for combining the businesses in the releases we read. The offer period itself should be the next dated step, and shareholders should read the offer document for it.

Related on TrustList:

• Commission adopts energy and water rating scheme for EU data centres over 500 kW

Sources

• Telenor: Telenor Sweden completes acquisition of Bahnhof, 6 November 2026, 6 November 2026
• Telenor: Telenor acquires Bahnhof to strengthen position in Sweden, 8 July 2026, 8 July 2026
• Telenor newsroom, listing the Swedish Competition Authority approval, 2 November 2026 (read 7 November 2026), 2 November 2026