Telenor Group has reached a definitive agreement to sell its subsidiary, Telenor Satellite, to Space Norway – a leading player in the Norwegian space sector.
From the lett: Dan Ouchterlony (EVP and Head of Telenor Amp), Morten Tengs (VP & CEO of Telenor Satellite) and Dag H. Stølan (CEO of Space Norway)
[Fornebu, 16/11/2023] – At a press conference held in the presence of Minister of Trade and Industry Jan Christian Vestre, the acquisition of Telenor Satellite by Space Norway was officially announced to the public. Telenor Group has reached a definitive agreement to sell its subsidiary, Telenor Satellite, to Space Norway AS – a leading player in the Norwegian space sector. The transaction, involving the transfer of 100% of Telenor Satellite’s shares, is expected to close 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 will have an industrial owner who has the right competence and who will prioritize the required financial resources to realize the company’s potential. We are proud of what we have achieved together and look forward to following the company’s future development,” stated Dan Ouchterlony, EVP and Head of Telenor Amp.
Dag H. Stølan, CEO at Space Norway AS, expressed enthusiasm about the strategic synergy between the two companies: “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 has been a commendable and supportive owner of Telenor Satellite AS since inception in 1986,” noted Morten Tengs, VP and CEO of Telenor Satellite. Recognizing the success of Telenor Satellite as a capital-intensive satellite operator, Morten highlighted the imminent need for substantial investments to sustain and propel further growth. The acquisition by Space Norway will contribute significantly to Telenor Satellite’s growth plans.
Space Norway, currently in a growth phase with satellite development projects, sees Telenor Satellite as a strategic fit that will contribute to the formation of a unique Norwegian satellite-centric group. This collaboration aims to drive business development and growth across commercial and government verticals using space assets in all orbits, including LEO, HEO, and GEO. “We look forward to being part of a strong conglomerate where satellite operations are a core focus. Together, we create the premier expertise in the country,” further states Morten Tengs.
For more information, you can read the full press release here.
About Space Norway AS:
Space Norway stands at the forefront of the Norwegian space industry, engaged in various satellite development projects, ranging from smaller low earth orbit satellites to large HEO satellites. As a dynamic and influential player, Space Norway is actively shaping the landscape of space technology and satellite operations. The company is committed to achieving key business objectives in the coming years, with a focus on growth and innovation.
Further information about Space Norway AS can be found below (Norwegian only):
- General introduction: https://spacenorway.no/om-oss/
- Annual report 2022: https://spacenorway.no/wp-content/uploads/2023/09/SN_Arsrapport_2022_V5.pdf
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