Norway's FSN Capital buys Belgium's Zenitel five years after delisting
What's the deal? Norwegian private equity group FSN CapitalDealroom has a profile for this one. Try Dealroom → is acquiring ZenitelDealroom has a profile for this one. Try Dealroom →, the Belgian maker of communications systems for safety-critical settings. The deal, announced in November 2026, comes five years after Belgian family investors took the company private. Terms were not disclosed.
Why now? Belgian family investors delisted Zenitel from Euronext in 2021, building up to 98.35% ownership before taking it off the market. The sale to FSN Capital marks a change of owner, not a return to public trading.
What does Zenitel do? It builds specialist communications systems for safety-critical environments, spanning maritime, energy, transport, healthcare, and industrial customers.
What's the endgame? Zenitel fits an established Northern European investment focus at FSN Capital, whose portfolio spans industrials, technology, and infrastructure. It recently acquired Volue Infrastructure, signalling appetite for businesses with room for international growth and add-on deals.
The signal: For private equity, Zenitel's value lies less in the ownership change than in its position in safety-critical communications — a niche with scope to expand across borders and through acquisitions. The available reports do not detail the price or strategic plans.
Read more: tijd.be
Image credit: United States Embassy Kuala Lumpur
