Telenor Completes Comsat Takeover
OSLO, Norway (AP) _ Telenor ASA has completed its $116 million purchase of Comsat Mobile Communications from Lockheed Martin Corp., the Norwegian telecommunications group said Monday.
Comsat, with annual sales of about $100 million, provides global communications services for maritime, land mobile and aeronautical users.
Government-controlled Telenor said Comsat will now be called Telenor Satellite Services Inc. and will be part of its satellite telecommunications division. As part of the deal, two Comsat base stations, at Southbury, Conn., and Santa Paula, Calif., with all their employees were transferred to Telenor.
Lockheed and Telenor announced the planned sale in March 2001.
Oslo-based Telenor said the takeover will make it one of the world’s leading suppliers of satellite telecommunications.
Telenor has said linking the two stations with its existing earth station in Eik, Norway, would broaden its global satellite mobile communication services.
``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,″ said Tore Hilde, vice president of Telenor Satellite Services.
Telenor, with about 23,000 employees in 30 countries, had revenues of 37.6 billion kroner ($4.2 billion) in 2000.