Telenor Agrees to Sell Satellite Business to Space Norway in $218 Million Deal
2023年11月16日 - 5:12PM
Dow Jones News
By Dominic Chopping
Norwegian telecommunications provider Telenor has agreed to sell
its Telenor Satellite subsidiary to Space Norway in a deal valued
at 2.36 billion Norwegian kroner ($218.1 million), it said
Thursday.
Telenor Satellite is a European satellite provider that covers
the European, Middle East and North African market with
broadcasting and data-communication services and its sale forms
part of Telenor's previously announced strategy to divest non-core
assets.
"Through the deal, Telenor Satellite Services will get an
industrial owner with the strategic focus and priorities to develop
the business further, including capex commitments for potential new
satellites," Telenor said in a statement.
Space Norway is a state-owned company that develops and operates
space-related infrastructure. Its activities range from small
satellites in low earth orbits to large satellites and ground
infrastructure.
As Space Norway is wholly owned by the Norwegian government, the
transaction is subject to approval by Parliament. Closing is
expected in January 2024.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 16, 2023 02:57 ET (07:57 GMT)
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