Telenor Sells Intelsat Shares

OSLO, Norway, Oct. 22/Satnews Daily/ — Telenor announced yesterday it is selling its 4% share in Intelsat for $129 million. The sale, Telenor said, will give the company a book profit of around $62 million (NOK 400 million).

The other day, Intelsat shareholders approved the proposed acquisition of the company by Zeus Holdings Limited during their annual general meeting held in Paris. Intelsat also approved the sales agreement involving current shareholders selling their shares to private investors for $18.75 a share.

Telenor has approximately 6.9 million shares in Intelsat. The settlement for the shares will be in cash, and is expected to be concluded around year end 2004.

"We made an important choice in 2001 when we continued as shareholders after Intelsat was privatized. We are now rewarded for this strategy,” said Stig Eide Sivertsen, managing firector of Telenor Broadcast Holding.

He explained, however, that even if Telenor is selling its shares in Intelsat, Telenor will still be a part owner of the new Intelsat 10-02 satellite, which was launched in June. “We will continue to develop the strong industrial co-operation with Intelsat, encompassing operations and joint ownership of satellites, independently of the change of ownership in the company," he said.  

Recent Stories:

Telenor Unveils New International IP Networking Service

Inmarsat, Nera and Telenor to Launch Fleet F77 128 kbit/s Extension

ARINC and Telenor Complete Ground Testing of In-Flight GSM Mobile Phone System

Telenor Satellite Services Buys GMPCS Personal Communications