A consortium led by KKR & Co. Inc. (NYSE:KKR) and Oslo Pensjonsforsikring AS reached an agreement to acquire 30% stake in Passive fibre assets from Telenor ASA (OB:TEL) for NOK 10.8 billion on October 7, 2022. The agreement also includes a right for Telenor to acquire the minority stake in the event of a potential future sale.

The transaction is expected to be completed early 2023. Telenor intends to use parts of the proceeds for share buybacks to mitigate the effects of the new minority interests. Barclays PLC (LSE:BARC) acted as financial advisor to Telenor ASA.

Federico Fruhbeck, Wim De Vlieger, Attila Borsos, Sandy Bhogal, Rob Dixon and Alice Brogi of Gibson, Dunn & Crutcher UK LLP and Nils Kristian, Camilla Magnus and Liv Monica of Advokatfirmaet Selmer DA acted as legal advisor to KKR. Ole Henrik Wille, Caroline Landsværk, Anders Myklebust and Hanne Zimmer of Wikborg Rein & Co. acted as legal advisor to Telenor.

ABG Sundal Collier acted as financial advisor for KKR.