Norvestor backs Phonero

The deal sees Norvestor acquire a 56% stake in the Norwegian mobile network operator. It marks the third investment for the 2011-vintage NOK 3bn Norvestor VI fund made so far in 2015.

Alongside Norvestor, existing backer Kistefos will re-invest in Phonero, taking a 20% stake. The remaining 24% of shares will be acquired by management and other minority shareholders.

The transaction is a partial exit for Kistefos, which said it had made a 65% average annual return on its investment. The investor said there had been substantial interest in acquiring Phonero from several trade buyers as well.

Kistefos, the investment company of Norwegian high-net-worth individual Christian Sveeas, became a shareholder in Phonero last year, when it bought the B2B division of Kistefos's Norwegian telecoms operator Ventelo.

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.

Phonero is forecasting NOK 1.1bn of revenues for 2015 and has a staff of 195.

People
Christian Melby is a partner with Norvestor and is the incoming chair of Phonero. Gunnar Jacobsen is an investment director at Kistefos. Thore Berthelsen is the CEO of Phonero.

Advisers
Vendor – DNB (Corporate finance).
Equity – ABG Sundal Collier (Corporate finance).

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

• Topics
• Nordics
• Buyouts
• Technology
• Norway
• Norvestor
• DnB NOR
• ABG Sundal Collier