The telecommunication tower industry in the Nordics plays a crucial role in connecting communities and supporting modern digital infrastructure. This sector includes various players, from large telecom companies providing comprehensive solutions to specialized tower management firms focusing on infrastructure development. As the demand for high-speed broadband and mobile connectivity surges, companies are frequently investing in advanced technologies like 5G to enhance network capacities. Interestingly, Nordic nations are at the forefront of sustainable development in telecommunications, with innovative approaches to tower design and energy efficiency becoming increasingly prevalent.

Our list comprises a mix of corporate giants and private equity firms, with a substantial presence in the Nordic region. These investors vary in size, from world-renowned companies like Nokia and Ericsson to nimble private equity firms such as Polaris and Priveq. Founded between the 19th and late 20th centuries, many of them demonstrate a rich history in telecommunications. With a robust deal count in 2024, some investors like EQT Group have made notable strides, acquiring multiple companies to capture growth opportunities in the sector.

Top 13 Telecommunication Tower 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 various sectors and geographies. Notably, EQT has made significant strides in the telecommunications sector, acquiring companies such as Zayo for $14.3 billion in March 2020, which is a major player in the telecommunications infrastructure market. Additionally, EQT's acquisition of Deutsche Glasfaser for approximately $2.73 billion further underscores its commitment to investing in telecommunications infrastructure. The firm also acquired Radius Global Infrastructure in March 2023, which focuses on telecommunications assets, further solidifying its position in the sector. These transactions highlight EQT's active role in the telecommunications tower industry, making it a relevant investor in this space.

2. 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 headquartered in Stockholm, Sweden, is a leading telecommunications company that specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms. With a workforce of over 10,000 employees, Ericsson is committed to enhancing operational efficiency and improving user experiences through reliable and high-speed connectivity. The company has been involved in several significant transactions that align with its telecommunications focus. Notably, the acquisition of Cradlepoint for $1.1 billion in 2020 aimed to bolster Ericsson's 5G enterprise offerings, which are crucial for the deployment and operation of telecommunication towers. Additionally, Ericsson's acquisition of iconectiv in 2011 further demonstrates its commitment to enhancing telecommunications infrastructure. While Ericsson also engages in venture funding, its primary focus remains on advancing telecommunications technology and infrastructure, making it a relevant investor in the telecommunication tower sector.

3. 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 operates primarily in Scandinavia and Asia, focusing on empowering societies through connectivity. Telenor is committed to responsible business practices and innovation in telecommunications. In recent years, Telenor has made several strategic acquisitions to enhance its position in the telecommunications market. Notably, they acquired Tele2 Sweden's fiber and cable firm, which includes a portfolio of 370,000 households, aiming to strengthen their fixed broadband and television services. Additionally, Telenor has acquired Maritime Communication Partner and increased its stake in Glocalnet AB, further solidifying its presence in the telecommunications infrastructure sector. These transactions indicate Telenor's active role in expanding its telecommunications capabilities, which likely includes investments in telecommunication towers as part of their infrastructure development.

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 several significant transactions that enhance its capabilities in the telecommunications sector. Notably, the acquisition of SAC Wireless in 2014 aimed to strengthen Nokia's network implementation service capabilities, positioning them as a direct service provider in the telecom sector. Furthermore, the acquisition of Alcatel-Lucent in 2015 for €15.6 billion made Nokia the second-largest mobile equipment manufacturer globally, providing substantial synergies and enhancing their market presence. Other acquisitions, such as Elenion Technologies and DeepField, focus on enhancing optical connectivity and network automation, respectively, which are crucial for modern telecommunication infrastructure. These strategic moves indicate Nokia's commitment to expanding its influence and capabilities within the telecommunications industry, including the telecommunication tower segment.

5. Lagercrantz Group AB

• Website: lagercrantz.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2001
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, specializing in providing tailored technical solutions across various sectors. Founded in 2001, the company operates around 80 subsidiaries that focus on niche markets, offering products and services in areas such as Electrify, Control, and TecSec. Their business model emphasizes both acquisitions and organic growth, primarily catering to business customers. Notably, Lagercrantz has made significant strides in the telecommunications sector through strategic acquisitions. In 2024, they acquired Mastsystem, a move that aligns with their interest in telecommunication infrastructure. Additionally, their acquisition of Tykoflex, a manufacturer of enclosures for fiber cables, further enhances their capabilities in the telecommunications domain. Other relevant transactions include the acquisition of Cue Dee AB, which specializes in supports and brackets for mobile devices, and Direktronik AB, a reseller of hardware for data and network communication. These transactions collectively highlight Lagercrantz's commitment to expanding its footprint in the telecommunications industry while maintaining a diverse portfolio across various technology sectors.

6. 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 fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Among their notable transactions, they invested in Flexenclosure, a company that develops intelligent power management systems and pre-fabricated data centers for the telecom industry, raising US$24m in funding. They also led a €8.5M Series A funding round for Telness Tech, a teltech company, which aims to expand into new markets. Additionally, they invested in Anyfi Networks, which focuses on enhancing network capabilities. These transactions highlight Industrifonden's active role in supporting companies that contribute to the telecommunications sector.

7. Hexatronic Group

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

Hexatronic Group, founded in 1993 and based in Gothenburg, Sweden, is a corporate investor specializing in telecommunications and technology solutions. The company focuses on fiber optic and wireless infrastructure, providing a 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 enhance its market presence and service offerings. Notably, they acquired 82% of homeway GmbH, a German multimedia home network provider, to strengthen their position in the growing FTTH market. They also acquired KNET, a South Korean company specializing in microduct solutions, and ATG Technology Group, a player in the New Zealand fiber industry, which further expands their capabilities in fiber infrastructure. Additionally, their acquisition of USNet, a company specializing in installation and project management services for data centers, indicates their commitment to enhancing connectivity solutions, which are essential for telecommunication towers. These transactions highlight Hexatronic's active role in the telecommunications infrastructure space, making them a significant investor in the industry.

8. 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, providing 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 telecommunication sector, including a €120M senior debt financing for metrofibre, aimed at enhancing telecommunication infrastructure in Germany. They also participated in a £4.9 billion debt package for CityFibre, a U.K.-based network operator, which is focused on expanding fiber access to millions of homes and businesses. These transactions highlight SEB's active role in supporting the telecommunications industry, particularly in infrastructure development.

9. Finnfund

• Website: finnfund.fi
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1980
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, primarily in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, they have been involved in significant transactions within the telecommunications sector, including a $20 million senior secured loan to Africa Mobile Networks, which is set to build over 10,000 base stations across 20 Sub-Saharan countries, serving a population of over 35 million. Additionally, they have participated in funding rounds for other technology and telecommunications-related companies, such as Cassava Technologies and Netwey, further solidifying their commitment to supporting telecommunications infrastructure development.

10. Priveq

• Website: priveq.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1983
• Headcount: 11-50
• LinkedIn: priveq-investment

Priveq is an investment management and private equity firm based in Stockholm, Sweden, founded in 1983. The firm specializes in providing growth capital to companies across various sectors, with a focus on helping businesses achieve their growth objectives through strategic guidance and financial support. Priveq has a history of investing in over 130 companies, including notable acquisitions such as Scanmast in 2013, which operates in the telecommunications infrastructure space, and Akeab in 2015. These investments highlight Priveq's involvement in the telecommunications sector, particularly in areas related to telecommunication towers. Additionally, they have made investments in other sectors, demonstrating their diverse investment strategy.

11. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and invests in various sectors, including IT services and property maintenance. Notably, Norvestor has made significant investments in the telecommunications sector, acquiring Phonero in 2015, a company that plays a crucial role in the Nordic telecommunications market. Additionally, they acquired a majority stake in NetNordic in 2017, which has become one of the largest solution integrators in the region, further solidifying their presence in the telecommunications landscape. Their recent acquisition of Serwent, expected to close in 2024, also indicates ongoing interest in companies that may have ties to telecommunications services.

12. Polaris Private Equity

• Website: polarisequity.dk
• Type: Private Equity
• Headquarters: Copenhagen, Denmark
• Founded year: 1998
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: polaris-private-equity

Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies that include private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, Polaris has been involved in several transactions that highlight their engagement in the telecommunications sector, particularly the acquisition of Triax A/S in 2015, a company with significant revenue in the telecommunications space. This acquisition demonstrates Polaris's strategic interest in companies that can contribute to the telecommunications infrastructure, making them a relevant player in this industry.

13. Netmore

• Website: netmoregroup.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2014
• Headcount: 51-200
• Number of deals in 2024: 2
• LinkedIn: netmore-ab

Netmore Group is a telecommunications company based in Stockholm, Sweden, specializing in IoT connectivity solutions. Founded in 2014, the company provides services such as Network-as-a-Service and Platform-as-a-Service, enabling utilities and businesses to optimize resource management and enhance operational efficiency. In recent years, Netmore has made significant acquisitions to expand its network capabilities, including the acquisition of Bredbandsson AB to strengthen its customer base in Sweden, and the acquisition of the LoRaWAN assets of Objenious from Bouygues Telecom to enhance its European network. Most notably, in 2024, Netmore acquired Senet, a North American-based LoRaWAN network operator, for SEK72.8 million, which is expected to bolster their market position and provide growth opportunities in North America. These transactions reflect Netmore's commitment to expanding its telecommunications infrastructure and capabilities, making it a relevant player in the telecommunication tower industry.

Telecommunication Tower Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Ericsson	Stockholm, Stockholm, Sweden	10001+	1876	3
Telenor	Fornebu, Akershus, Norway	10001+	1855	2
Nokia	Espoo, Uusimaa, Finland	10001+	1865	3
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Hexatronic Group	Gothenburg, Västra Götaland, Sweden	501-1000	1993	0
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
Finnfund	Helsinki, Uusimaa, Finland	51-200	1980	7
Priveq	Stockholm, Stockholm, Sweden	11-50	1983	0
Norvestor	Oslo, Oslo, Norway	11-50	1989	3
Polaris Private Equity	Copenhagen, Denmark	51-200	1998	4
Netmore	Stockholm, Stockholm, Sweden	51-200	2014	2

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