Positive to acquisition
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.
According to Telenor Satellites’ CEO, Morten Tengs, the acquisition is a positive development for Telenor Satellite. He emphasises that Space Norway has some of the most innovative projects in this industry.
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.
“With this acquisition Space Norway is the largest and leading satellite environment in Norway. We are also a significant satellite operator in Europe.”
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.”
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.
“We are pleased to be part of Space Norway. We are excited to bring our industry experience and expertise to the table. Together, we will continue to develop the Norwegian space sector as well as serve our clients throughout the Nordics and EMEA.”