Telenor Group has reached an agreement to acquire a controlling stake in Swedish broadband provider Bahnhof in a deal that values the company SEK 6.1 billion ($629 million).The deal will make Telenor Sweden's second-largest fixed broadband provider.Completion of the deal, which is subject to regulatory approvals, will trigger an obligation for Telenor to make a mandatory cash offer to all shareholders of Bahnhof.This will see Telenor purchase the 50.8 percent of Bahnhof owned directly and indirectly by founders Jon Karlung and Andreas Norman, alongside a 6.7 percent stake from Oresund Investment.Founded in 1994, Bahnhof serves more than 500,000 customers and approximately 15,000 enterprise customers.Bahnhof assets include proprietary network infrastructure, access to open networks and five colocation data centers.“Sweden is the largest Nordic market by population and a key strategic priority for us. This transaction gives us the breadth and scale to compete more effectively and create long-term value for customers and shareholders,” says Benedicte Schilbred Fasmer, president and CEO of Telenor Group."By joining Telenor, we gain the scale to compete more effectively across both existing and new market segments”, added Karlung, CEO of Bahnhof.As part of the deal, Karlung, will join Telenor along with co-founder Norman.For Telenor, the transaction is set to bolster the company's consumer subscriber market share from approximately 15 percent to around 27 percent.Bahnhof will continue to operate under its own brand, while Telenor said it intends to build on Bahnhof's market position "while combining the capabilities of both organizations."