Norvestor sells Phonero to Telia in NOK 2.3bn deal

The exit comes a year after Norvestor acquired Phonero, taking a majority stake through a buyout in November 2015. During Norvestor's tenure as majority owner, it supported the bolt-on of Mobitalk in addition to the organic growth of Phonero's customer base.

Telia expects the acquisition to provide cost synergies of around NOK 400m a year, taking full effect from 2018.

Previous funding
Through its 2011-vintage NOK 3bn Norvestor VI fund, the GP took a 56% stake in Phonero in a 2015 management buyout. Existing investor Kistefos reinvested as part of the deal, while partially realising value of some of its investment. Following the transaction, Kistefos held 20% of the company while founders and management held 24%.

Company
Kristiansand-based Phonero is an MVNO, focused on services for SMEs in Norway. Founded in 2008, the company has offices in Oslo, Stavanger, Bergen and Trondheim.

The company forecast NOK 1.1.bn of revenues for 2015 and had staff of 195 people, while it presented NOK 1.1bn of revenue for the 12 months to 30 July 2016 with adjusted EBITDA of NOK 217m, according to Norwegian media. Phonero currently employs 180 people.

People
Norvestor Equity – Lars Grinde (managing partner).

Advisers
Vendor – ABG Sundal Collier (corporate finance); DNB Markets (corporate finance); EY (tax); BA-HR (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Technology
• Nordics
• Norvestor
• Trade sale
• ABG Sundal Collier
• DnB NOR
• EY (Ernst & Young)