Telenor To Acquire COMSAT

Telenor of Norway and Lockheed Martin Global Telecommunications (LMGT) announced that Telenor will acquire LMGT's COMSAT Mobile Communications operations for $1 16.5 million in cash. The acquisition, which positions Telenor as a major global satellite mobile operator, is subject to regulatory approvals. COMSAT Mobile, with annual revenues in excess of $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 the Inmarsat satellite constellation. Telenor's purchase of COMSAT Mobile operations also includes two earth station facilities in Southbury, Conn., and Santa Paula, Calif. Linking the two U.S. stations with Telenor's existing earth station in Eik, Norway, will enable Telenor to offer true global coverage for satellite mobile communication services. Following the transaction, Telenor will be one of the leading Inmarsat global operators.

While the companies pursue regulatory approvals, a process expected to be completed over the next several months, COMSAT Mobile will continue to operate as an LMGT business unit. Upon completion of the transaction, COMSAT Mobile will become a key part of the satellite mobile division of Telenor Broadband Services AS, operating through its wholly owned U.S. subsidiary, Telenor Satellite Mobile Services, a Delaware corporation.

Maritime Reporter Magazine, page 52,  Apr 2001 California

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