Verdane, the Scandinavian growth investor, has agreed to purchase a minority stake in Telenor Connexion, the Internet of Things arm of Norway’s telecom giant Telenor. The deal, announced through PE Hub, signals Verdane’s push into the expanding IoT services market, where operators seek specialised platforms to manage billions of connected devices.

Telenor Connexion, founded to consolidate the carrier’s IoT offerings, already serves enterprises across Europe and Asia with connectivity, device management and data analytics. By bringing Verdane on board, the unit gains access to the investor’s portfolio of digital‑industrial companies, potentially accelerating product development and expanding its go‑to‑market reach beyond existing carrier channels.

The transaction does not disclose the exact purchase price, but minority stakes in telecom‑focused IoT units typically range from €30 million to €70 million, suggesting a material but non‑controlling position for Verdane. Retaining majority ownership allows Telenor to steer strategic direction while leveraging Verdane’s capital and expertise to scale the business.

Investors will watch how the partnership influences Telenor Connexion’s revenue trajectory, as the IoT sector accounts for a growing share of telecom earnings. A successful scaling effort could boost the unit’s valuation ahead of any future sale or public listing, delivering upside for both Verdane’s fund investors and Telenor’s shareholders.