The acquisition of Telenor Satellite has now been finalised

In November, it was announced that Space Norway is acquiring Telenor Satellite. On January 4, 2024, the final documents were signed and Telenor Satellite is now a part of Space Norway group.

From left: Dag H. Stølan and Morten Tengs. Photo: Space Norway.
From the left: Dag H. Stølan, CEO Space Norway and Morten Tengs, CEO Telenor Satellite. Photo: Space Norway.

It was in Nowemver 2023 that is was known that Space Norway was buying Telenor Satellite from Telenor.

"With this acquisition Space Norway group is the largest and leading satellite environment in Norway. We are also a significant satellite operator in Europe," says CEO Dag H. Stølan.

In order to acquire Telenor Satellite, Space Norway needed the Norwegian Parliament's approval to provide the necessary equity. Just before Christmas 2023, the Parliament provided Space Norway with equity.

Positive to acquisition

According to Telenor Satellitess CEO, Morten Tengs, the acquisition is a positive development for Telenor Satellite.

«We are pleased to be part of Space Norway. We are excited to bring our industry experience and expertise to the table”, says Tengs.

He emphasizes that Space Norway has some of the most innovative projects in this industry.

“Together, we will continue to develop the Norwegian space sector as well as serve our clients throughout the Nordics and EMEA”, he concludes.

Finances with equity

Financed with equity, the government provided capital to Space Norway to finance the purchase of Telenor Satellite.

 "We have had good cooperation with the Ministry of Trade, Industry and Fisheries in the acquisition process. Now that we have ownership of Telenor Satellite, it provides new and significant opportunities for development and growth for Space Norway," says Stølan.

Ambitions for the future

Space Norway's CEO has ambitious plans for the future of the group. You can read more about it in "High Ambitions for Norwegian Space Activities | Space Norway."

According to Stølan, this purchase strengthens Norway's capability for satellite services. "In addition, this is clearly positive for the Norwegian space industry," says Stølan. The new organization will consist of around 170 employees located in the Oslo area and Tromsø. The transaction is valued at 2.36 billion Norwegian kroner on a cash and debt-free basis.

Facts about the two companies

Space Norway manages and develops strategically and safety-critical space infrastructure that important for Norwegian societal needs.

Telenor Satellite is a leading European provider of satellite TV broadcast and VSAT data communications services for maritime and land-based sectors.

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