Telenor buys control of Sweden's Bahnhof
Money MovesNorway's Telenor takes 57.5% of the privacy-focused ISP and must now bid for the rest at 62 kronor a share
July 8th, 2026: Telenor agrees to buy control of BahnhofNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Updated Jul 9Bahnhof spent three decades as the Swedish internet provider that hosted WikiLeaks, gave customers free VPNs, and refused to block The Pirate Bay. On July 8, its founders agreed to sell control to Telenor, Norway's largest telecom.
Telenor is buying 57.5% of Bahnhof, including the founders' 50.8% stake. Swedish takeover rules then force a cash offer to everyone else at 62 kronor a share. Co-founder Jon Karlung will stay on as chief executive, and Bahnhof will continue under its own brand. The deal would roughly double Telenor's share of Sweden's home-broadband market.
Why it matters
One of Europe's most vocal pro-privacy internet providers is passing to a large incumbent, and Sweden's broadband market shrinks from many players toward a few.
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Norway's largest telecom operator, expanding across Nordic broadband and fiber.
Sweden's first independent ISP, known for privacy activism and fiber broadband.
Timeline
1994 July 2026
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Telenor agrees to buy control of Bahnhof
Latest DealTelenor buys the founders' 50.8% at 60 kronor a share and Öresund Investment's 6.7% at 62 kronor, valuing Bahnhof at 6.1 billion kronor. Shares rise about 19%.
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Bahnhof hosts WikiLeaks
BackgroundAfter Amazon drops WikiLeaks, Bahnhof provides server space, cementing its pro-privacy reputation.
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Bahnhof founded
BackgroundOscar Swartz starts Bahnhof in Uppsala, Sweden's first independent internet provider.
Historical Context
2 moments from history that rhyme with this story — and how they unfolded.
Telia–Telenor merger blocked (1999)
Sweden's Telia and Norway's Telenor agreed to merge into a single Nordic telecom giant. The European Commission demanded heavy divestitures over overlapping networks. The deal collapsed within months amid disputes over control and headquarters.
The merger was abandoned and both firms went their own way; Telia later listed publicly.
The two remained rivals across the Nordics for the next quarter-century.
It shows how Nordic telecom tie-ups draw hard regulatory scrutiny, the same risk facing the Bahnhof deal.
EU nixes Telia's Danish deal (2015)
Telia and Telenor tried to merge their Danish mobile operations to cut four national operators to three. The European Commission's remedy demands proved too costly. The companies scrapped the plan.
Denmark kept four mobile operators and prices stayed competitive.
It set a marker that EU regulators resist letting national markets shrink to three players.
Telenor is again consolidating a Nordic market, and antitrust concern about fewer competitors is central to whether the Bahnhof deal clears.
