Published 2026-11-06 · Event 2026-11-06 · The editorial team

Telenor completes acquisition of control of Bahnhof and launches mandatory offer at SEK 62

Telenor Sverige said on 6 November 2026 that it has completed the acquisitions of 57.5 percent of the shares and 87.9 percent of the votes in Bahnhof and has published an unconditional mandatory cash offer of SEK 62 per share to remaining shareholders. Bahnhof operates five of the data centres in the register, four in Stockholm and one in Malmö.

According to Telenor Sverige's press release of 6 November 2026, the company has today acquired the shares previously held by Bahnhof's founders and principal owners and by Öresund Investment, corresponding to 57.5 percent of the shares and 87.9 percent of the votes. That takes Telenor past the 30 percent voting threshold that triggers a mandatory offer under the applicable takeover rules. Bahnhof's B shares trade on Nasdaq First North Growth Market.

Telenor Sverige offers SEK 62 cash per Bahnhof share. According to the release, that equals the highest price paid in the completed acquisitions and implies a total offer consideration of about SEK 2,834 million for the remaining shares. The offer document was published on 6 November 2026 at telecom-offer.com. The acceptance period runs from 9 November 2026 to 7 December 2026 at 17:00 CET, with expected settlement on 14 December 2026. The offer is unconditional and will be completed regardless of the acceptance level.

Bahnhof's independent board committee confirmed the same figures on 6 November and said it will publish its opinion on the offer, together with a fairness opinion from independent advisers, no later than two weeks before the acceptance period ends. The committee notes that shareholders who accept cannot withdraw their acceptance.

Telenor Sverige writes that Bahnhof will continue to operate under its own brand, with the same focus on privacy, security and technical competence. The release states that Telenor currently plans no material changes to Bahnhof's operations, management or employees as a result of the offer. Bahnhof is described as serving about 500,000 private customers and about 15,000 business customers, with its own network infrastructure, access to open networks and five colocation data centres. If Telenor becomes owner of more than 90 percent of the shares, it intends to call for a squeeze-out and to seek a delisting from Nasdaq First North Growth Market.

Konkurrensverket cleared the concentration on 2 November 2026 (dnr 677/2026). According to today's release, the Inspectorate of Strategic Products approved the foreign direct investment review on 19 October 2026. The register lists five Bahnhof data centres: Pionen, Thule, Gullan and S:t Erik in Stockholm, and Sparven in Malmö. Bahnhof does not state IT load in megawatts for any of them.

Why it matters

Five data centres in the register, four in Stockholm and one in Malmö, now have Telenor as controlling owner. The mandatory offer sets a cash price and a timetable for remaining shareholders; a squeeze-out and delisting are flagged if Telenor passes 90 percent.

What remains unknown

How many remaining shareholders will accept, whether Telenor will reach 90 percent, whether any material changes to Bahnhof's data-centre business will follow despite the stated plan, and the IT capacity of Bahnhof's halls are not stated in the sources.

Sources