Telenor and Lockheed Martin Global Telecommunications have agreed for Telenor to acquire approximately one-third of LMGTs stake in Inmarsat Ventures Limited.
Following the transaction, Telenors stake will be increased from 6.8 to 15 per cent and make Telenor the largest shareholder in the satellite organisation, whilst LMGTs stake in Inmarsat will be reduced from just over 22 per cent to approximately 14 per cent.
From its position as one of the leading players in the mobile satellite business and one of the largest owners of Inmarsat, Telenor is now strengthening its position further by increasing its ownership in Inmarsat.
“This transaction illustrates that Telenor is dedicated to the sector of global mobile satellite communication”, said Stig Eide Sivertsen, CEO of Telenor Broadband Services. Telenor Satellite Services, a unit within Telenor Broadband Services, will hold the shares.
Originally established to develop satellite communications for the maritime industry, Inmarsat today operates a global satellite system used by independent service providers to offer a range of voice and multimedia communications for maritime, land mobile and aeronautical customers.
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. Headquartered in Oslo, Norway, the company is present in over 30 countries, has more than 22,000 employees at home and abroad, and had revenues of US$ 3.9 billion in 1999. Internationally, Telenor has over the last years steadily increased its investments within mobile, Internet, TV-distribution and satellite communications.
LMGT, a wholly owned subsidiary of Lockheed Martin Corporation, is a premier global provider of network services and advanced technology solutions to enterprise, commercial and government customers. Headquartered in Bethesda, Maryland, LMGT includes the satellite, network and product assets of the former COMSAT Corporation, which was the original owner of the U.S. ownership position in Inmarsat.