Telenor ASA — M&A Activity 2023

Nov 16, 2023

Divestment of Telenor Satellite to Space Norway

Divestment of Telenor Satellite to Space Norway

Telenor has entered into an agreement to sell its subsidiary Telenor Satellite to Space Norway, a leader in the Norwegian space industry. The sales price is NOK 2.36 billion on an enterprise value basis. As Space Norway is wholly owned by the Norwegian Government, the transaction is subject to approval by the Parliament.

Through the deal, Telenor Satellite Services will get an industrial owner with the strategic focus and priorities to develop the business further, including capex commitments for potential new satellites. The proposed transaction is in line with the strategy of asset-by-asset monetization of non-core assets within Telenor’s Amp portfolio that was outlined on the Capital Markets Day in September 2022. Closing of the transaction is expected in January 2024.

Telenor Satellite is a European satellite provider that covers the European, Middle East and North African (EMEA) market with broadcasting and data communication services. The company presently serves millions of homes with TV services, and nearly 2,000 vessels and 600 land terminals with data connectivity. During the first three quarters of 2023, Telenor Satellite generated revenues of NOK 707m, EBITDA of NOK 504m and EBIT of NOK 284m.

Space Norway manages and develops strategic space capabilities. The company is 100% owned by the Norwegian Ministry of Trade, Industry and Fisheries and represents a key part of the Norwegian Government’s activities and assets in the space sector. Space Norway’s activities range from small satellites in Low Earth Orbits to large satellites and ground infrastructure.

Investor contact:

Frank Maaø, +47 91674045