Telenor Satellite Services to Be Acquired by Apax Partners
26 Octobre 2006 - 8:58AM
Business Wire
On Wednesday 25 October 2006, Telenor (Oslo Stock Exchange: TEL and
NASDAQ: TELN) 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 USD 400
million (NOK 2,640 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. We are pleased that Telenor Satellite
Services will now have an owner that is well-positioned to continue
the development of the company,� said Bjarne Aamodt, Chairman of
Telenor Satellite Services and Senior Vice President in Telenor.
�We are delighted to make a further investment in satellite
communication services by acquiring TSS. TSS is not only a major
provider of mobile satellite services, but also a leading
competitor in the high growth VSAT business segment, providing
mission critical satellite communication services to demanding
clients worldwide. Apax Partners will rely upon TSS� management and
employees to pursue the development of the company in Norway and
abroad, and to continuously enhance its services to meet the needs
of its customers,� said Bertrand Pivin, Partner at Apax Partners in
Paris. 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. About
Telenor Satellite Services Telenor Satellite Services offers
communication solutions via satellite to land, air and sea. Unlike
Telenor Satellite Broadcasting, TSS does not own or operate
satellites by itself. Telenor Satellite Services currently has
approximately 550 employees, operating in offices located in Norway
(232 employees), in the U.S. (168 employees), as well as in Europe,
the Middle East, Asia and South America. In 2005, Telenor Satellite
Services generated revenues amounting to USD 376.9 million (NOK
2,428 million) and an EBITDA of USD 61.0 million (NOK 392.8
million). For the first nine months of 2006, TSS� revenues were USD
285.7 million (NOK 1,834 million) with an EBITDA of USD 43.7
million (NOK 280.8 million). Similar figures for the first nine
months in 2005 were revenues of USD 281.3 million (NOK 1,792
million) and an EBITDA of USD 42.8 million (NOK 272.8 million).
About Apax Partners Apax Partners is one of the world�s leading
private equity investment groups. It operates across Europe,
Israel, the United States and Asia, and has more than 30 years of
investing experience. Funds under the advice of Apax Partners total
�16 billion around the world. Apax Partners Funds provide long-term
equity financing to build and strengthen world-class companies.
They invest in companies across its global sectors of Tech &
Telecom, Retail & Consumer, Media, Healthcare and Financial
& Business Services. Examples of investments in telecoms
include: TDC, Intelsat, Tim Hellas Communications, Bezeq, Versatel,
Q-Telecom and Outremer Telecom. For more information visit:
www.apax.fr and www.apax.com On Wednesday 25 October 2006, Telenor
(Oslo Stock Exchange: TEL and NASDAQ: TELN) 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 USD 400 million (NOK 2,640 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. We are pleased that Telenor Satellite Services will now
have an owner that is well-positioned to continue the development
of the company," said Bjarne Aamodt, Chairman of Telenor Satellite
Services and Senior Vice President in Telenor. "We are delighted to
make a further investment in satellite communication services by
acquiring TSS. TSS is not only a major provider of mobile satellite
services, but also a leading competitor in the high growth VSAT
business segment, providing mission critical satellite
communication services to demanding clients worldwide. Apax
Partners will rely upon TSS' management and employees to pursue the
development of the company in Norway and abroad, and to
continuously enhance its services to meet the needs of its
customers," said Bertrand Pivin, Partner at Apax Partners in Paris.
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. About Telenor Satellite
Services Telenor Satellite Services offers communication solutions
via satellite to land, air and sea. Unlike Telenor Satellite
Broadcasting, TSS does not own or operate satellites by itself.
Telenor Satellite Services currently has approximately 550
employees, operating in offices located in Norway (232 employees),
in the U.S. (168 employees), as well as in Europe, the Middle East,
Asia and South America. In 2005, Telenor Satellite Services
generated revenues amounting to USD 376.9 million (NOK 2,428
million) and an EBITDA of USD 61.0 million (NOK 392.8 million). For
the first nine months of 2006, TSS' revenues were USD 285.7 million
(NOK 1,834 million) with an EBITDA of USD 43.7 million (NOK 280.8
million). Similar figures for the first nine months in 2005 were
revenues of USD 281.3 million (NOK 1,792 million) and an EBITDA of
USD 42.8 million (NOK 272.8 million). About Apax Partners Apax
Partners is one of the world's leading private equity investment
groups. It operates across Europe, Israel, the United States and
Asia, and has more than 30 years of investing experience. Funds
under the advice of Apax Partners total EUR 16 billion around the
world. Apax Partners Funds provide long-term equity financing to
build and strengthen world-class companies. They invest in
companies across its global sectors of Tech & Telecom, Retail
& Consumer, Media, Healthcare and Financial & Business
Services. Examples of investments in telecoms include: TDC,
Intelsat, Tim Hellas Communications, Bezeq, Versatel, Q-Telecom and
Outremer Telecom. For more information visit: www.apax.fr and
www.apax.com
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