Telenor Sells Stake in Internet-of-Things Business to Verdane

Telenor ASA agreed to sell a stake in its internet-of-things venture to Verdane Group as the telecommunications company overhauls operations to focus on the core Nordic business.

The deal, which values Telenor Connexion at 7.5 billion Swedish kronor ($809 million), will result in the two companies each owning half of the joint venture and committing to invest an additional 2 billion kronor, according to a statement.