On October 25, 2006, Telenor entered into a definitive agreement with Apax Partners France for the sale of Telenor Satellite Services (TSS) to funds managed by Apax Partners for $400 million. Since 2002, Telenor has defined Telenor Satellite Services as non-core business. Apax Partners intends to pursue the development of the company in Norway and abroad. Telenor Satellite Services offers communication solutions via satellite to land, air and sea. The transaction will not impact the services provided by TSS and business relations with customers will remain unchanged. "Apax Partners is a very capable owner, and the sale of Telenor Satellite Services is made in accordance with Telenor's strategy to divest business operations that fall outside the scope of our core activities.