State-owned Space Norway completed the purchase of Telenor Group’s satellite subsidiary for NOK2.4 billion ($234 million) after the country’s parliament approved the allocation of cash for the transaction.
The deal, announced in November 2023, is the latest in a number of divestments by the operator group as it seeks to slim down the company and focus on its core business.
Space Norway manages and develops non-terrestrial infrastructure deemed important for the country including in the national security realm. Telenor Satellite’s business provides broadcasting services, alongside data transmission for maritime and other sectors.
In the state-owned company’s statement on the completion of the deal, Telenor Satellite CEO Morten Tengs said the two teams aimed to “continue to develop the Norwegian space sector as well as serve our clients throughout the Nordics and EMEA”.
The newly enlarged Space Norway comprises around 170 employees located in the Oslo and Tromso areas.
Telenor’s divestment of the asset follows its sale of Working Group Two to Cisco, which completed in October, and a number of moves within its Asia operations including the in-progress sale of its unit in Pakistan.
The post Telenor finalises satellite unit sale appeared first on Mobile World Live.
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