Telenor stated that the deal had been initially introduced in November 2023
State-owned House Norway introduced the completion of the acquisition of Telenor Group’s satellite tv for pc subsidiary for a complete of NOK2.4 billion ($234 million).
In a launch, the corporate stated the transaction was finalized after the nation’s parliament accepted the allocation of money for the acquisition.
The deal, initially introduced in November final 12 months, is the newest in a variety of divestments by telecom group Telenor because it goals to scale back the scale of its construction and concentrate on its core enterprise.
“With this acquisition House Norway group is the most important and main satellite tv for pc setting in Norway. We’re additionally a big satellite tv for pc operator in Europe,” stated House Norway’s CEO Dag Stølan.
Telenor Satellites CEO, Morten Tengs, highlighted that the acquisition is a optimistic growth for the corporate. “We’re happy to be a part of House Norway. We’re excited to deliver our business expertise and experience to the desk”, stated Tengs.
“Collectively, we’ll proceed to develop the Norwegian house sector in addition to serve our purchasers all through the Nordics and EMEA”, he added.
The Norwegian authorities offered capital to House Norway to finance the acquisition of Telenor Satellite tv for pc.
“We now have had good cooperation with the Ministry of Commerce, Trade and Fisheries within the acquisition course of. Now that we’ve possession of Telenor Satellite tv for pc, it gives new and important alternatives for growth and progress for House Norway,” Stølan stated.
The brand new group will encompass round 170 workers positioned within the Oslo space and Tromsø.
House Norway manages and develops non-terrestrial infrastructure deemed necessary for Norway together with within the nationwide safety realm. In the meantime, Telenor Satellite tv for pc’s enterprise gives broadcasting companies, alongside knowledge transmission for maritime and different sectors.
In August 2023, Cisco had introduced plans to accumulate Working Group Two (WG2) from Telenor Group — which at the moment holds a 44.6% share within the firm — for $150 million. WG2 presents cellular operators a cloud-based core community, earlier than it was spun out in 2017. Now, Cisco is wanting to make use of the acquisition to bolster its lately introduced mobility companies platform and assist operators launch new companies throughout the IoT and business verticals.
Cisco stated the transaction is predicted to be finalized within the first quarter of this 12 months.
