By Dominic Chopping

Norwegian telecommunications provider Telenor has agreed to sell its Telenor Satellite subsidiary to Space Norway in a deal valued at 2.36 billion Norwegian kroner ($218.1 million), it said Thursday.

Telenor Satellite is a European satellite provider that covers the European, Middle East and North African market with broadcasting and data-communication services and its sale forms part of Telenor's previously announced strategy to divest non-core assets.

"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," Telenor said in a statement.

Space Norway is a state-owned company that develops and operates space-related infrastructure. Its activities range from small satellites in low earth orbits to large satellites and ground infrastructure.

As Space Norway is wholly owned by the Norwegian government, the transaction is subject to approval by Parliament. Closing is expected in January 2024.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

November 16, 2023 02:57 ET (07:57 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Telenor ASA (QX) (USOTC:TELNY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Telenor ASA (QX) Charts.
Telenor ASA (QX) (USOTC:TELNY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Telenor ASA (QX) Charts.