Telenor is selling its subsidiary Telenor Satellite to Space Norway for NOK 2.36 billion (€201 million). Space Norway, established in 2014 and wholly owned by the Norwegian government, has launched several satellites, including NorSat-1, NorSat-2, and NorSat-3. These satellites are used for maritime surveillance, environmental monitoring, and other applications.
The transaction, which requires approval from the Norwegian parliament, is expected to close in January 2024. Telenor Satellite owns and operates Thor 7, Thor 6, and Thor 5 satellites at the one-degree West satellite neighborhood. It also leases the Spot 1 and Spot 2 payload from Intelsat, named Thir 10-02 S1 and S2, located at the same position.
Telenor’s EVP and Head of Telenor Amp, Dan Ouchterlony, stated, “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 prioritize the required financial resources to realize the company’s potential.” He expressed pride in the achievements made, and looks forward to the company’s future development.
Dag H. Stølan, CEO at Space Norway, emphasized the importance of satellite-based capabilities in today’s world. He stated that the combination of Space Norway’s partly governmental customers and Telenor Satellite’s commercial customer base will provide a strong platform for the growth of the new company in both sectors. Stølan also mentioned that Space Norway and Telenor have signed a letter of intent to explore a strategic partnership and joint business development initiatives, particularly in terms of satellite capacity and consulting services.
Overall, Telenor’s sale of Telenor Satellite to Space Norway marks a significant development in the satellite industry, with both companies eager to capitalize on the potential for growth and innovation in this sector.