Norway's Telenor Group announced today that it has entered into an agreement with Space Norway, wholly owned by the Norwegian Government, to sell its satellite subsidiary 'Telenor Satellite' at an enterprise value of NOK 2.36 million. According to the official release, the transaction is expected to be closed in January 2024.
New Ownership for Telenor Satellite
"For more than 20 years, we have served our customers with premium, high-quality broadcasting and data services via satellite. Now the time has come for a new era for Telenor Satellite. With Space Norway, Telenor Satellite will have an industrial owner who has the right competence and who will prioritise the required financial resources to realise the company's potential," Telenor said.
Commenting on the development, Space Norway said, "Satellite-based capabilities are more important than ever. The combination of Space Norway's partly governmental customers and Telenor Satellite's commercial customer base will give the new company a strong platform to grow the business in both sectors. We are very excited to enter into this agreement and look forward to contributing to the long-term development of Telenor Satellite."
Significant Market Presence in EMEA
Telenor and Space Norway have already signed a letter of intent outlining a strategic partnership and possible joint business development initiatives, particularly regarding additional satellite capacity and satellite consulting services.
"Telenor Satellite is a European satellite operator that covers the European, Middle East, and North African (EMEA) market with broadcasting and data communication services. It serves millions of homes with TV services and nearly 2,000 vessels and 600 land terminals with data connectivity," noted the official release.