Norwegian telco Telenor has changed the ownership structure of its IoT unit Connexion after entering an agreement with Verdane to establish a joint ownership structure.
The agreement values Telenor Connexion at SEK 7.5 billion ($805 million).
Last year, the unit generated revenues of approximately SEK 1.3 billion ($139.5m).
Telenor Connexion has been providing IoT services for the past 25 years, with 31 million IoT SIM cards in operation and deliveries to more than 200 countries.
“We have bold ambitions in managed IoT, and with Verdane as a partner we gain additional power to realize them in a much more capital efficient manner. At the same time, this transaction clearly demonstrates Telenor’s ability to create value,” says Benedicte Schilbred Fasmer, president and CEO of Telenor.
Verdane is an independent investment firm that specializes in technology businesses
“With this structure in place, we are well positioned for the next phase. Telenor will remain a long‑term, strategic owner, and we will continue to put the full industrial strength of the Group behind Telenor Connexion. Together with Verdane, we will scale the business more rapidly in a diligent way,” added Fasmer.
Telenor Connexion provides IoT solutions for a range of products, including cars, water pumps, and robotic lawn mowers. In January 2026, Telenor consolidated its Nordic IoT operations under one brand structure, with Telenor Connexion as the specialized IoT unit operating under Telenor IoT as the portfolio brand.
Both Telenor and Verdane have committed to invest an additional SEK 2 billion ($214.6m) into the business.
Former Nokia president and CEO Pekka Lundmark will join the IoT unit as independent chair once the transaction closes, while Mats Lundquist will continue as CEO of Telenor Connexion.
“We believe Telenor Connexion is perfectly positioned in a well-established structural growth market that will benefit from the increasing adoption of AI through exposure to connected devices in data-intensive industries," added Bjarne Kveim Lie, founder and managing partner at Verdane.
Source: https://www.datacenterdynamics.com/en/news/telenor-splits-ownership-structure-of-iot-unit-connexion/
