The acquisition of the satellite communications company Telenor Satellite by Space Norway has been completed today.
Telenor Satellite is a provider of satellite television broadcasting and VSAT data communication services for the maritime and land-based sectors. The company today announced its acquisition by Space Norway. The Norwegian Parliament had previously approved the acquisition. The transaction was finalized today with the formal signing of the agreement[ds_preview].
The acquisition by Space Norway provides Telenor Satellite with an owner with the strategic direction to realize the company’s potential in the coming decades and ensure that its customers continue to benefit from financial investments in its future, according to the announcement.
Space Norway is state-owned
Telenor Satellite CEO Morten Tengs said: “We are pleased to be part of an organization that is fully owned by the Norwegian Ministry of Trade, Industry and Fisheries, which plays a key role in the government’s activities in the space sector and whose core business is satellites. Space Norway has some of the most innovative projects in the industry, and we are pleased to bring our industry experience and expertise to the company. Together we will continue to grow the Norwegian space sector while serving our customers in the Nordics and EMEA region.”
“The acquisition of Telenor Satellite opens up new development and growth opportunities for Space Norway. We are now the largest and leading satellite competence center in Norway and a major satellite operator in Europe,” said CEO of Space Norway, Dag H. Stølan.
