Telenor to Acquire COMSAT

Tuesday, March 27, 2001
Telenor of Norway and Lockheed Martin Global Telecommunications (LMGT) announced that Telenor will acquire LMGT's COMSAT Mobile Communications operations for $116.5 million in cash. The acquisition, which positions Telenor as a major global satellite mobile operator, is subject to regulatory approvals. COMSAT Mobile, with annual revenues in excess of $100 million, provides global mobile communications solutions to the maritime, land mobile and aeronautical communities, and offers data, voice, fax, telex and video capabilities via the Inmarsat satellite constellation.

Telenor's purchase of COMSAT Mobile operations also includes two earth station facilities in Southbury, Connecticut, and Santa Paula, California. Linking the two U.S. stations with Telenor's existing earth station in Eik, Norway, will enable Telenor to offer true global coverage for satellite mobile communication services. Following the transaction, Telenor will be one of the leading Inmarsat global operators. Additionally, in September 2000, Telenor purchased a portion of LMGT's Inmarsat shares to become the largest owner of Inmarsat, holding the maximum permitted stake of 15 percent.

Stig Eide Sivertsen, CEO of Telenor Broadband Services, said, "Our strategy has been to expand our position as a provider of global mobile satellite communications. Coupled with our strong presence in Europe, this acquisition will allow us to globalize our service offerings and give our customers the benefit of Inmarsat services on a worldwide basis from a single service provider. We expect this acquisition to enhance our operational efficiency and to further expand our already wide range of services."

John V. Sponyoe, CEO of LMGT, a wholly owned subsidiary of Lockheed Martin Corporation said, "This transaction is a positive step in the strategic direction of LMGT, and it is consistent with steps to reshape our portfolio of assets to obtain maximum value for Lockheed shareholders. While the two companies pursue requisite regulatory approvals from the U.S. government, a process expected to be completed over the next several months, COMSAT Mobile will continue to operate as an LMGT business unit. Upon completion of the transaction, COMSAT Mobile will become a key part of the satellite mobile division of Telenor Broadband Services AS, operating through its wholly owned U.S. subsidiary, Telenor Satellite Mobile Services, a Delaware corporation. Telenor Broadband Services AS is one of four core business areas within the Telenor Group. Telenor is a worldwide provider of high quality telecommunications, data and media communication services, with a particularly strong focus on mobile, Internet and broadband services

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0877 sec (11 req/sec)