Telenor Sells Satellite Business To Space Norway For $218 Million

Norwegian telecommunications company Telenor has announced that it has agreed to sell its satellite business, Telenor Satellite, to Space Norway, a government-owned company, for NOK 2.36 billion (approximately $218 million).

The sale is part of Telenor's strategy to divest non-core assets and focus on its core telecommunications business. Telenor Satellite provides broadcasting and data communication services to customers in Europe, the Middle East, and North Africa.

"This is a strategic decision that will allow Telenor to focus on its core telecommunications business and to further develop its position as a leading provider of digital services," said Sigve Brekke, CEO of Telenor.

The sale is expected to close in January 2024.

About Space Norway

Space Norway is a state-owned company that is responsible for the development and operation of Norway's space infrastructure. The company also provides services to the Norwegian government and commercial customers.

"We are very pleased to have reached an agreement with Telenor to acquire Telenor Satellite," said Dag H. Stølan, CEO of Space Norway. "This acquisition will strengthen our position as a leading provider of space services in Norway and will make us a more attractive partner for international customers."

The acquisition of Telenor Satellite will make Space Norway one of the largest satellite operators in Europe. The company will have a fleet of five satellites and will provide services to over 10 million homes.

Implications of the Sale

The sale of Telenor Satellite is a significant event in the Norwegian space industry. It will consolidate the country's space interests and create a stronger platform for growth. The acquisition will also make Space Norway a more attractive partner for international customers.

The sale is also a reflection of the changing landscape of the satellite industry. As the demand for satellite services grows, there is a trend for telecommunications companies to divest their satellite businesses and focus on their core telecommunications operations.

Overall, the sale of Telenor Satellite is a positive development for the Norwegian space industry and for Telenor. It will create a stronger platform for growth and will make Telenor a more focused and competitive company.