Telenor to be Acquired by Apax

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 a cash consideration of $400m. 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. The transaction is subject to approval from regulatory authorities. Given the current exchange rate for USD, Telenor ASA will be able to post a gain of approximately NOK 1.4 billion from the sale. The transaction will not affect any other units of Telenor ASA that use satellite as their communications platform, including Telenor Broadcast/Telenor Satellite Broadcasting.