Data center giant spent 407 million on land companies; municipality received a quarter

Data center company Edgeconnex spent 407 million kroner to acquire two land companies in Fyresdal, Norway, securing the site for what will be one of the country's largest data centers. The municipality of Fyresdal, which owned these companies until shortly before Edgeconnex took over, received just over 100 million kroner for them.

The deal, facilitated by Horten-based Norsk Data, which acted as an intermediary, has reportedly generated a profit of over 200 million kroner for Norsk Data. While the exact details of the agreement remain confidential, E24 previously reported that Fyresdal municipality likely received around 118 million kroner for the two municipal companies, Myldr Estate 1 and 2, leaving them with a profit of 110 million kroner.

Edgeconnex's Norwegian subsidiary's 2025 financial statements, released this week, confirm the 407 million kroner expenditure for the acquisition of 100% of the shares in Myldr Estate 1 AS and Myldr Estate 2 AS. This indicates that Fyresdal municipality received approximately a quarter of the total amount Edgeconnex paid to secure the land companies.

Fyresdal's mayor, Erik Skjervagen, stated that new jobs were the primary concern for the municipality, and that they would have been willing to give away the land for free to secure the deal. However, he declined to comment on the specifics of the transaction when approached by E24, stating in a written statement that as mayor, he does not have detailed insight into Edgeconnex's internal accounts.

Edgeconnex has not responded to inquiries from E24 regarding the transaction. The two land companies, Myldr Estate 1 and 2, were merged into Edgeconnex's Norwegian subsidiary in January 2026.

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As mayor, I naturally do not have detailed insight into Edgeconnex's internal accounts.