Telenor Satellite Acquired by Space Norway in Billion-NOK Deal

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n a monumental deal valued at NOK 2.36 billion on an enterprise value basis, Telenor Satellite has been acquired by Space Norway. As Space Norway operates under full ownership of the Norwegian Government, the transaction is awaiting approval by the Norwegian Parliament, with the closing expected in January 2024.

Dan Ouchterlony, EVP and Head of Telenor Amp, expressed enthusiasm about the acquisition, stating, “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.”

CEO at Space Norway, Dag H. Stølan, emphasized the significance of the deal, highlighting the importance of satellite-based capabilities in today’s world. He mentioned, “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.”

Telenor and Space Norway have already laid the groundwork for a strategic partnership through a signed letter of intent, focusing on potential joint business development initiatives, including additional satellite capacity and consulting services.

Norwegian Minister of Trade and Industry, Jan Christian Vestre, underscored the strategic importance of the acquisition, stating, “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.”

Telenor Satellite, a prominent European satellite operator serving the European, Middle East, and North African (EMEA) market, has been a key player in broadcasting and data communication services. With millions of homes receiving TV services and thousands of vessels and land terminals connected with data connectivity, Telenor Satellite has demonstrated robust financial performance, generating significant revenues and profitability.

On the other hand, Space Norway, fully owned by the Norwegian Ministry of Trade, Industry and Fisheries, plays a crucial role in managing and developing strategic space capabilities. Ranging from small satellites in Low Earth Orbits to large satellites and ground infrastructure, Space Norway’s activities align with the Norwegian Government’s objectives in the space sector.

Original source from industryeurope.com