Telenor Satellite Services acquired by Apax Partners

[BGonaSTICK]

Norwegian telco Telenor has agreed to sell its Telenor Satellite Services (TSS) to investment group Apax Partners France for $400 million. Since 2002 Telenor has defined TSS as non-core
business.

"We are delighted to make a further investment in satellite communication services by acquiring TSS. TSS is not only a major provider of mobile satellite services, but also a leading competitor in the high growth VSAT business segment. Apax Partners will rely upon TSS' management and employees to pursue the development of the company in Norway and abroad," said Bertrand Pivin, Partner at Apax Partners in Paris.

The transaction will not affect any other units of Telenor ASA that use satellite as their communications platform, including Telenor Broadcast/Telenor Satellite Broadcasting.