International law firm Bird & Bird has acted as legal adviser to Telenor in connection with Telenor entering into an agreement with Verdane regarding joint ownership of Telenor Connexion, a leading global provider of managed IoT services and connectivity solutions. The transaction values the company at SEK 7.5 billion.
The partnership aims to accelerate Telenor Connexion’s continued international growth by combining Telenor’s industrial platform and global customer relationships with Verdane’s experience in growth investments and active ownership.
Over the past 25 years, Telenor Connexion has built a strong global position in IoT and currently manages approximately 31 million IoT SIM cards, with deliveries to more than 200 countries. The company provides IoT solutions for, among other things, connected vehicles, industrial applications and smart consumer products.
Following completion of the transaction, Telenor and Verdane will each own 50 per cent of the business through a joint ownership structure. The transaction is expected to be completed in 2026, subject to customary regulatory approvals.
Bird & Bird’s team was led by Mårten Willamo, partner, and also comprised Michael Butler, senior associate, Erik Holmgren, Counsel, William Schofield, Counsel, and Tuva Lind, associate.
“This is a strategically important transaction in a rapidly growing market, and we are delighted to have assisted Telenor in this complex and cross-border deal,” says Mårten Willamo, partner at Bird & Bird.
