Telenor Satellite has announced that its acquisition by Space Norway has been ratified following approval from the Norwegian Parliament. The transaction was closed with the formal signing of the agreement on January 4th.

The purchase by Space Norway gives Telenor Satellite an industrial owner with the relevant strategic focus to realise the company’s potential in the coming decades, ensuring that its customers continue to benefit from financial investment in its future, said a company statement.

Telenor Satellite’s CEO, Morten Tengs, said: “We are pleased to be part of an organisation fully-owned by the Norwegian Ministry of Trade, Industry and Fisheries which plays a key part in the Government’s activities in the space sector and whose core business is satellite. Space Norway has some of the most innovative projects in this industry and we are excited to bring our industry experience and expertise to the table. Together, we will continue to develop the Norwegian space sector while serving our clients throughout the Nordics and EMEA.”

“With ownership of Telenor Satellite, Space Norway gains new opportunities for development and growth. We are now the largest and leading satellite competence centre in Norway and a significant satellite operator in Europe,” added Space Norway’s CEO, Dag H. Stølan.

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Categories: Articles, Business, M&A

Tags: Norway, Space, telenor