Infranode signs its first investment in fiber sector
Infranode has entered into a long-term partnership with the municipality-owned power & utility company Tafjord Kraft AS and acquired a significant stake in the fiber company Tafjord Connect.
The infrastructure company Infranode buys a 49% stake in Tafjord Connect, the leading fiber infrastructure and service provider in Møre og Romsdal, Norway. Tafjord Connect is part of the TAFJORD Group, which is owned by the Municipality of Ålesund, Eviny and the Municipality of Fjord. Infranode now joins as a long-term partner.
“In today’s digital society, fiber 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. We now look forward to collaborating with Tafjord Kraft to facilitate reliable fiber solutions in Møre og Romsdal,” says Erik Botnevik, Infranode’s country manager in Norway.
In Møre og Romsdal, Tafjord Connect is the leading fiber infrastructure and service provider, with more than 25,000 customers. With this transaction, Tafjord Kraft remains the majority owner of Tafjord Connect. Infranode gets a significant minority position of 49%.
See great opportunities
Norway has a relatively mature fiber market, covering 66% of all fixed broadband subscriptions in the private market. Less than 5% of the subscriptions are over the copper network. Investments, especially during the last three years, have resulted in the record fiber growth in Norway.
“We see great opportunities in the Nordic fiber 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, says Philip Ajina, one of the founders of Infranode and the company’s CIO.
About Tafjord Connect
Tafjord Connect is the leading fiber infrastructure and service provider in Møre og Romsdal, with over 25,000 customers. The company was established through a merger between Tafjord Kraft AS’ telecom services department and Nordvest Nett AS’ fiber operations in October 2019. Tafjord Kraft AS owned 80% of the company, while the remaining 20% was owned by Nordvest Nett AS. With this transaction, Tafjord Kraft remains the majority owner of Tafjord Connect, while Infranode gets a significant minority position of 49%.