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
(mailto:david.fidjeland@telenor.com)
Â