Telenor Acquires Comsat Mobile Communications from Lockheed Martin

📅 January 14, 2002 - Telenor of Norway (telenor.no), provider oftelecommunications, data and media services, and Lockheed Martin(lockheedmartin.com) today announced that Telenor has completed the acquisition of LMT's Comsat Mobile Communications operations. The final purchase price is subject to adjustments in accordance with the asset purchase agreement.

Simultaneously to the acquisition, Telenor gathers all its mobile satelliteactivities under the new business area name Telenor Satellite Services.Comsat Mobile now becomes the U.S. subsidiary of Telenor, under the nameTelenor Satellite Services, Inc.
Comsat Mobile, with annual revenues in excess of US$100 million, providesglobal mobile communications solutions to the maritime, land mobile andaeronautical communities, and offers data, voice, fax, telex and videocapabilities via satellite. The completion of this transaction transfersCMC's operations, including all employees as well as the two earth stationfacilities in Southbury, Connecticut, and Santa Paula, California, toTelenor. Additionally, in Sept. 2000 Telenor purchased a portion of LMT'sInmarsat shares to become the largest single owner of Inmarsat Ventures plc,holding the maximum permitted stake of 15 percent.
Tore Hilde, vice president of Telenor Satellite Services, said, "Thecombination of Telenor and Comsat Mobile will benefit mobile satellitecustomers worldwide, who will now be able to use a single service provideroffering an expanding portfolio of truly seamless global service.Additionally, Telenor has structured the acquisition to assure continuity ofthe high level of customer service and support that Comsat Mobile hasprovided day and night, worldwide."