Telenor Group sells Telenor Satellite to Space Norway
November 16 2023 - 3:00AM
Telenor Group sells Telenor Satellite to Space Norway
Fornebu, 16 November 2023 – Telenor has
entered into an agreement with Space Norway
regarding the sale of its subsidiary Telenor
Satellite. 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.
“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. We are
proud of what we have achieved together and look forward to
following the company’s future development”, says Dan Ouchterlony,
EVP and Head of Telenor Amp,
Dag H. Stølan, CEO at Space Norway, adds:
“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”.
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. 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," says the Norwegian
Minister of Trade and Industry, Jan Christian Vestre.
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. During the first three
quarters of 2023, Telenor Satellite generated revenues of NOK 707m,
EBITDA of NOK 504m and EBIT of NOK 284m.
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.
Media
contact:
David Fidjeland, Director Media Relations, Telenor Group+47 93
46 72 24 | david.fidjeland@telenor.com
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