Infranode buys Sola Bredbånd
Infranode has entered into an agreement to acquire 100% of the shares in Sola Bredbånd AS from the municipality of Sola for NOK 515 million.
For almost 20 years, the company has been owned by Sola municipality and has developed and operated a dark fiber network for residents, local businesses, and public agencies in the municipality. The network has grown in line with the population and the economy, and with its 8,000 private and 650 business customers, the company has become the largest network in the area.
Sola Bredbånd has long-term contracts with its customers, which ensures a stable source of income and continued network development. The sale will not have any practical or financial implications for the end users, who remain under contract with their existing fiber operator.
– Fiber networks have become an indispensable part of the national infrastructure, and we see great opportunities for further development in Norway. We are impressed by the leading role Sola Bredbånd has taken locally and look forward to getting to know the residents of Sola and providing a market-leading fiber network while continuing the close collaboration with Sola municipality and Sola Bredbånd’s customers, says Erik Botnevik, head of Infranode Norway.
In the next few years, the municipality is facing significant investment needs. The sale of Sola Bredbånd helps to reduce the municipality’s debt and free up funds for the municipality’s primary tasks, which benefit all residents.
– Since the infancy of the Internet, Sola Bredbånd has provided the municipality with broadband coverage. However, now is the right time to pass on the baton. We have an important responsibility to manage these funds wisely, soberly, and responsibly on behalf of our citizens. We are confident that by transferring ownership to Infranode, the residents of Sola will enjoy a double benefit: a high-speed fiber network and better public services, says mayor Tom Henning Slethei in Sola municipality, after a political majority in the municipal council on 15 December approved the sale.
About Sola Bredbånd
Sola Bredbånd AS has been 100% owned by Sola municipality since it started up in 2003. In this transaction, Sola Bredbånd has been priced at NOK 500 million, based on an enterprise value on a 100% basis. Infranode buys 100 percent of the shares from Sola municipality for a total share value of around NOK 515 million.
Infranode is a long-term infrastructure investor with a particular focus on the Nordic countries. Infranode invests in energy, energy distribution, renewable energy, digital infrastructure, transport, and social infrastructure. Infranode has offices in Stockholm, Helsinki, Copenhagen and Oslo, and a strong infrastructure investment team with extensive local and international experience. Infranode has about EUR 1.8 billion in committed capital from long-term institutional investors, including some of the most recognized pension funds in the Nordic region. Among the investors are Storebrand, Folksam, the Swedish municipal pension fund KPA Pension and the Finnish public sector pension fund KEVA.
Contact information for media:
Sola municipality: Mayor Tom Henning Slethei, tel. +47 997 00 635
Infranode: Erik Botnevik, Director and Country Lead Norway, tel. +47 915 55 058
Photo: Sola kommune/Elisabeth Tønnessen