Telenor Buys GlobalConnect Norway Consumer Unit for $600 Million

Telenor ASA agreed to acquire the Norwegian consumer business of GlobalConnect AB for 6 billion kroner ($600 million) as the carrier seeks to strengthen its position in a highly fragmented fiber market.

The Norwegian telecommunications operator will take over GlobalConnect’s fiber infrastructure and about 140,000 customers in its home market, the Fornebu-based company said Tuesday. The transaction will boost Telenor’s market share of fiber subscriptions in the country to 29% from 22%, it said.

Telenor shares declined 0.3% as of 9:16 a.m. in Oslo on Tuesday.

The company has been overhauling its operations to focus on its Nordic business, which ...