KLP, Nord-Norge foundation take 31% of Norway's Teneo to fund broadband buys

What's the deal? Norwegian broadband company TeneoDealroom has a profile for this one. Try Dealroom → has taken on two new owners, KLP and Stiftelsen for Nord-NorgeDealroom has a profile for this one. Try Dealroom → (the Foundation for Northern Norway), which together now hold 31% of the company. The capital is earmarked for future acquisitions of broadband companies.

What's the endgame? Teneo, led by chief executive officer Steffan Larsen, plans to use the money to buy up other broadband providers. The new ownership positions it to expand through consolidation.

The signal: Bringing in an insurer like KLP and a regional foundation as backers gives Teneo capital to pursue a buy-and-build strategy in Norway's fragmented broadband market.

Read more: digi.no

Image credit: Muffet