Telenor has entered into an agreement with Space Norway regarding the sale of its subsidiary Telenor Satellite.
Article continues below
Space Norway is a leading player in the Norwegian space industry. The sales price is NOK 2.36 billion on an enterprise value basis.
As Space Norway is wholly owned by the Norwegian Government, the transaction is subject to approval by the Norwegian Parliament. Closing of the transaction is expected in January 2024.
Telenor and Space Norway have already signed a letter of intent outlining a strategic partnership and possible joint business development initiatives, in particular regarding additional satellite capacity and satellite consulting services.
"The government will propose to the Parliament that Space Norway be provided with capital to finance the acquisition of Telenor Satellite," says the Norwegian Minister of Trade and Industry, Jan Christian Vestre.
"The acquisition will contribute to the establishment of a major Norwegian satellite operator, which, together with a growing Norwegian space industry, can strengthen Norway as a space nation.
"At the same time, the acquisition ensures that Norway, in a time of increasing geopolitical unrest, maintains control over satellites crucial for critical societal functions and strategically important for the country."
Telenor Satellite is a European satellite operator that covers the European, Middle East and North African (EMEA) market with broadcasting and data communication services. The company serves millions of homes with TV services, and nearly 2,000 vessels and 600 land terminals with data connectivity.
Space Norway manages and develops strategic space capabilities. The company is 100% owned by the Norwegian Ministry of Trade, Industry and Fisheries and represents a key part of the Norwegian Government’s activities and assets in the space sector.
Space Norway’s activities range from small satellites in Low Earth Orbits to large satellites and ground infrastructure. ■