Telenor and Verdane form IoT joint venture
Analysis based on 7 articles · First reported May 12, 2026 · Last updated May 12, 2026
The market is positively impacted by the joint venture between Telenor and Verdane, as it demonstrates Telenor's ability to create value and provides Telenor — Telenor Connexion with significant growth capital. This partnership is expected to accelerate growth in the IoT market, which is projected to grow at double-digit rates towards 2030.
Telenor has entered into an agreement with Verdane to establish a joint ownership structure over Telenor — Telenor Connexion, valuing the company at SEK 7.5 billion. This partnership aims to realize value from Telenor — Telenor Connexion's strong market position in managed IoT services and provide access to long-term growth capital. Telenor will receive approximately SEK 3.8 billion in cash and recognize a gain of SEK 7.2 billion, while both parties commit to investing an additional SEK 2 billion into Telenor — Telenor Connexion. The transaction also includes Verdane acquiring Telenor's ownership stakes in BLDNG.ai and Whereby. Pekka Lundmark will join Telenor — Telenor Connexion as Independent Chair, with Mats Lundquist continuing as CEO. The transaction is expected to complete in 2026, subject to regulatory approvals.
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