Gibson Dunn, Selmer and Wikborg Rein advised on KKR's purchase of minority stake in Telenor Fiber
Valued at approximately $3.4 billion, the transaction is likely to complete early next year
Gibson Dunn, Selmer and Wikborg Rein advise on KKR's purchase of minority stake in Telenor Fiber Valued at approximately $3.4 billion, the transaction is likely to complete early next year The US multinational law firm Gibson Dunn & Crutcher and Norway-based firms Selmer and Wikborg Rein were among the advisers on the US private equity firm KKR's acquisition of a minority stake...
Gibson Dunn, Selmer and Wikborg Rein advise on KKR's purchase of minority stake in Telenor Fiber
Valued at approximately $3.4 billion, the transaction is likely to complete early next year
The US multinational law firm Gibson Dunn & Crutcher and Norway-based firms Selmer and Wikborg Rein were among the advisers on the US private equity firm KKR's acquisition of a minority stake in Telenor Fiber, the Norwegian telecommunication company Telenor's fibre network spin-off.
While Gibson Dunn & Crutcher and Selmer both advised KKR, Telenor was guided by Wikborg Rein.
The deal saw Telenor sell a 30 percent share of the new fibre business to a consortium led by KKR. The transaction was valued at NOK36.1bn (equivalent to around $3.4bn).
The co-investors in the consortium included the Norwegian public pension fund Oslo Pensjonsforsikring. Telenor Fiber owns around 130,000 km of fibre optic cables in Norway and connects more than 560,000 homes.
Tone Hegland Bachke, the executive vice president and CFO of the Telenor Group, stated, "This transaction highlights the value in our infrastructure. It unlocks capital to support continued high-fibre roll-out in Norway. We are bringing in strong investors with a long-term horizon. Following the transaction, Telenor will propose that parts of the proceeds are used for share buy-backs."
Julian Barratt-Due, the director of European infrastructure at KKR, said, "KKR has significant experience within telecom infrastructure investing and we look forward to supporting Telenor with its fibre strategy in Norway."
The Gibson Dunn & Crutcher team was led by the firm's co-chair of projects and infrastructure and European private equity co-head Federico Fruhbeck in London, alongside London corporate and private equity partners Rob Dixon and Alice Brogi and Fruhbeck's private equity co-head Wim De Vlieger. Also involved was Brussels-based antitrust partner Attila Borsos and London tax co-chair Sandy Bhogal.
The Selmer team was led by the corporate department head Camilla Magnus along with partners Nils Kristian and Liv Monica and associates Margaret Solberg and Emilie Tjeldnes.
The Wikborg Rein team was led by corporate, finance and tax practice chief Ole Henrik Wille. It included partners Caroline Landsværk, Anders Myklebust and Hanne Zimmer, senior associate Cecilie Haadem and associate Alex Winterwold.