OSLO, Norway/BETHESDA, Maryland, USA Telenor of Norway (NASDAQ:TELN; OSE:TEL) and Lockheed Martin (NYSE:LMT) today announced that Telenor has completed the acquisition of LMT's COMSAT Mobile Communications operations . The final purchase price is subject to adjustments in accordance with the asset purchase agreement.
Simoultanesly to the acquisition, Telenor gathers all its mobile satellite activitites under the new business area name Telenor Satellite Services, and becomes one of the world’s largest global mobile satellite operators. COMSAT Mobile now becomes the U.S. subsidiary of Telenor, under the name Telenor Satellite Services, Inc.
COMSAT Mobile, with annual revenues in excess of US$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 satellite. The completion of this transaction transfers CMC’s operations, including all employees as well as the two earth station facilities in Southbury, Connecticut, and Santa Paula, California, to Telenor. Additionally, in September 2000 Telenor purchased a portion of LMT’s Inmarsat shares to become the largest single owner of Inmarsat Ventures plc, holding the maximum permitted stake of 15 percent.
Tore Hilde, vice president of Telenor Satellite Services, commented, “The combination of Telenor and COMSAT Mobile will benefit mobile satellite customers worldwide, who will now be able to use a single service provider offering an expanding portfolio of truly seamless global service. Additionally, Telenor has structured the acquisition to assure continuity of the high level of customer service and support that COMSAT Mobile has provided day and night, worldwide.”
Telenor is a worldwide provider of high quality telecommunications, data and media communication services. Headquartered in Oslo, Norway, the company is present in over 30 countries, has more than 23,000 employees, and had revenues of US$4.2 billion in 2000. Internationally, Telenor has over the last few years steadily increased its investments within mobile, Internet, TV-distribution and satellite communications.
Lockheed Martin is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services. The Corporation’s core businesses are systems integration, space, aeronautics and technology services.