Nordic infrastruture investor Infranode has acquired a stake in a fibre broadband company in Norway.

Infranode said it has acquired a 49% stake in Tafjord Connect via a partnership with municipality-owned power and utility company Tafjord Kraft. Financial details were undisclosed.

Tafjord Connect is a fibre infrastructure and service provider in Møre og Romsdal, with over 25,000 customers.

The Norwegain internet service provider is part of the Tafjord Group, which is owned by the municipality of Ålesund, Eviny and the municipality of Fjord.

The company was established through a merger between Tafjord Kraft’s telecom services department and Nordvest Nett’s fibre operations in October 2019. Tafjord Kraft owned 80% of the company, while the remaining 20% was owned by Nordvest Nett. 

With this transaction, Tafjord Kraft remains the majority owner of Tafjord Connect.

Erik Botnevik, Infranode’s country manager in Norway, said: “In today’s digital society, fibre networks have become critical infrastructure, in the same way that people need access to water and electricity.

“This investment is therefore aligned with our strategy of being a long-term and responsible partner to the public sector.”

Philip Ajina, Infranode co-founder and CIO, said: “We see great opportunities in the Nordic fibre infrastructure, particularly in Norway. We are impressed with the way Tafjord Connect has invested in fiber infrastructure and taken a leading role locally.

“We appreciate the trust we are given and look forward to being a responsible partner who can contribute expertise and capital to invest further.”

To read the latest edition of the latest IPE Real Assets magazine click here.