The telecommunications infrastructure industry in the Nordics is vital for connectivity, supporting both urban and rural regions. It comprises companies that design, build, and maintain networks, including mobile towers, fiber optics, and satellite systems. This sector is pivotal as it facilitates the transition to high-speed internet services, 5G, and IoT applications. Notably, the Nordic countries are at the forefront of adopting sustainable practices, investing in green technologies that power network operations. As digital transformation accelerates, demand for robust and resilient infrastructure is poised to grow, making the industry an attractive arena for investment.


The highlighted investors showcase a mixture of corporate, venture capital, and private equity firms in the telecommunications infrastructure sector. Primarily headquartered in Stockholm and Espoo, these entities range in size, from a few hundred to over 10,000 employees. Founded between the mid-1800s to the late 20th century, they reflect a rich heritage of innovation and growth. With 2024 deal counts varying from 0 to 30, these firms indicate a robust engagement in shaping telecom infrastructure across the Nordic region.


Top 12 Telecommunications Infrastructure Investors in the Nordics


1. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. The firm has made significant strides in the telecommunications infrastructure sector, highlighted by its acquisitions of Zayo, a major provider of communications infrastructure, and Deutsche Glasfaser, which focuses on fiber-optic networks in Germany. Additionally, EQT's acquisition of Radius Global Infrastructure, Melita Plc, and Delta Fiber further underscores its commitment to investing in companies that enhance telecommunications capabilities. These transactions reflect EQT's strategy to support growth and innovation within the telecommunications infrastructure landscape.


2. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in several companies within the telecommunications infrastructure sector, including Maven Wireless, which raised $1,970,911 in 2018, and InCoax Network Europe, which raised $1,046,601 in 2012. Other investments include Sweratel and Forsway, both of which are involved in telecommunications-related activities. These transactions highlight Almi's commitment to supporting innovation and development in the telecommunications infrastructure space, alongside their broader focus on SMEs.


3. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson, founded in 1876 and based in Stockholm, Sweden, is a corporate investor and a prominent player in the telecommunications industry. The company provides advanced connectivity solutions, including 5G networks and IoT platforms, aimed at enhancing operational efficiency and improving user experiences. Notable transactions include the acquisition of Cradlepoint for $1.1 billion, which strengthens Ericsson's 5G enterprise offerings, and the acquisition of iconectiv, which plays a crucial role in network management. Additionally, Ericsson has engaged in various funding rounds, such as investments in NanoSemi and Concealfab, indicating their commitment to innovation within the telecommunications infrastructure space.


4. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider. The company specializes in networking technology and digital transformation, offering a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions. Nokia has been actively involved in the telecommunications infrastructure sector through several key acquisitions. For instance, the acquisition of Alcatel-Lucent for €15.6 billion in 2015 positioned Nokia as the second-largest mobile equipment manufacturer globally, significantly enhancing its market presence. Additionally, the acquisition of SAC Wireless in 2014 strengthened Nokia's network implementation service capabilities, allowing it to provide direct services in the telecom sector. Other notable transactions include the acquisition of Elenion Technologies, which focuses on optical connectivity for 5G and cloud networking, and DeepField, aimed at enhancing network and service automation through real-time analytics. These strategic moves underscore Nokia's commitment to advancing telecommunications infrastructure and its role as a key investor in this space.


5. Telenor

  • Website: telenor.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1855
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: telenor-group

Telenor ASA, founded in 1855 and headquartered in Fornebu, Akershus, Norway, is a leading telecommunications company with a customer base of 209 million subscribers. The company provides mobile telecommunications, broadband, and TV distribution services, primarily operating in Scandinavia and Asia. Telenor is committed to empowering societies through connectivity and responsible business practices. As an investor, Telenor has made several strategic acquisitions to enhance its telecommunications infrastructure. Notable transactions include the acquisition of Tele2 Sweden's fibre and cable firm, which aims to strengthen its position in the fixed broadband and television services market. Additionally, Telenor acquired DNA Oyj for approximately $1.69 billion, further expanding its telecommunications capabilities. Other significant acquisitions include Bredbandsbolaget, Sweden's second-largest broadband provider, and Glocalnet AB, which increased Telenor's ownership to 50.1%. These investments reflect Telenor's focus on enhancing its telecommunications infrastructure and service offerings.


6. Nordic Investment Bank

  • Website: nib.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1976
  • Headcount: 201-500
  • Number of deals in 2024: 19
  • LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing solutions aimed at enhancing productivity and environmental benefits in the Nordic and Baltic regions. NIB offers a variety of loan products, including corporate, sovereign, and sustainability-linked loans, catering to both private and public sector clients. Notably, NIB has been involved in significant transactions within the telecommunications sector, providing substantial debt financing to major companies like Nokia and Ericsson. For instance, in 2024, NIB facilitated Nokia's post-IPO debt raising of approximately $270 million and Ericsson's debt raising of about $109 million. These transactions highlight NIB's active role in supporting the telecommunications infrastructure industry, reinforcing its relevance as an investor in this sector.


7. Telia


Telia Company AB is a leading telecommunications company based in Solna, Stockholm, Sweden, operating primarily in the Nordic and Baltic regions. Founded in 1853, Telia has evolved to offer a wide range of services, including IoT connectivity, smart city solutions, and telephony services. The company serves both businesses and public sector organizations, providing innovative solutions to enhance connectivity and operational efficiency. Notably, Telia has been involved in several key acquisitions that bolster its position in the telecommunications infrastructure market. For instance, the acquisition of Tele2 in 2014 for approximately $612 million significantly expanded Telia's market presence. Additionally, the acquisition of NextGenTel, Norway's second-largest broadband provider, and Phonero, a Norwegian telecom service provider, further demonstrates Telia's commitment to enhancing its telecommunications infrastructure and service offerings. These strategic moves reflect Telia's focus on strengthening its capabilities in mobile and internet-based services, making it a prominent player in the telecommunications infrastructure landscape.


8. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Industrifonden aims to create long-term value through partnerships with passionate founders. Notably, they have invested in several telecommunications infrastructure-related companies, including Flexenclosure, which raised $24 million to develop intelligent power management systems and prefabricated data centers for the telecom industry. They also led a €8.5 million Series A funding round for Telness Tech, a teltech company focused on expanding into new markets. Other investments include Anyfi Networks, which received funding to expand operations internationally. These transactions highlight Industrifonden's active role in supporting telecommunications infrastructure initiatives.


9. LINK Mobility


LINK Mobility is a corporate investor based in Oslo, Norway, founded in 2000. The company specializes in mobile communication services, offering a range of products including SMS messaging, RCS, and marketing automation solutions aimed at enhancing customer engagement for businesses across various industries. LINK Mobility has been active in expanding its telecommunications capabilities through strategic acquisitions. Notable transactions include the acquisition of Tismi B.V., a Dutch CPaaS enabler, for EUR 20 million, which aimed to enhance LINK's CPaaS offerings. They also acquired Hay Systems Ltd, a UK mobile messaging company, marking their entry into the UK market. Additionally, LINK acquired Horisen Messaging, a leading mobile messaging provider in Switzerland, for 9 million euros. These transactions highlight LINK Mobility's focus on strengthening its position in the telecommunications infrastructure sector, making it a significant player in the industry.


10. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in several transactions within the telecommunications sector, including 42Networks, which raised $2,261,601 in a Series B round in 2006, and Polystar, which secured funding in a private equity round in 2000. More recently, CapMan participated in the funding of Serverius in 2023, further demonstrating its ongoing interest in telecommunications infrastructure investments.


11. Hexatronic Group

  • Website: hexatronicgroup.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • LinkedIn: hexatronic

Hexatronic Group is a corporate investor based in Gothenburg, Sweden, founded in 1993. The company specializes in telecommunications and technology solutions, particularly in fiber optic and wireless infrastructure. They provide a comprehensive range of products and services that cater primarily to businesses and organizations in the telecommunications sector. In recent years, Hexatronic has made several strategic acquisitions to bolster its position in the telecommunications infrastructure market. Notable transactions include the acquisition of 82% of homeway GmbH, a German multimedia home network provider, which enhances their presence in the growing FTTH (Fiber to the Home) market. Additionally, they acquired KNET, a South Korean company specializing in microduct solutions, and Rochester Cable, a U.S. company focused on electro-optical cables. In 2023, they further expanded their footprint by acquiring ATG Technology Group, a player in the New Zealand fiber industry. These acquisitions reflect Hexatronic's commitment to enhancing its capabilities and offerings in the telecommunications infrastructure space, making them a significant player in the industry.


12. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, that provides a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has been involved in significant transactions within the telecommunications infrastructure sector, such as providing €120 million in senior debt financing to metrofibre, a German company focused on enhancing telecommunication infrastructure. Additionally, SEB has participated in financing CityFibre, a UK-based network operator, which is working to expand its fiber network to millions of homes. These transactions highlight SEB's active role in supporting the development of telecommunications infrastructure.



Telecommunications Infrastructure Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
EricssonStockholm, Stockholm, Sweden10001+18763
NokiaEspoo, Uusimaa, Finland10001+18653
TelenorFornebu, Akershus, Norway10001+18552
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
TeliaSolna, Stockholm, Sweden10001+18530
IndustrifondenStockholm, Stockholm, Sweden11-5019799
LINK MobilityOslo, Oslo, Norway501-100020003
CapManHelsinki, Uusimaa, Finland51-20019894
Hexatronic GroupGothenburg, Västra Götaland, Sweden501-100019930
SebStockholm, Stockholm, Sweden10001+185613


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