COPENHAGEN (Reuters) - Norwegian telecoms operator Telenor said on Thursday it has agreed to sell its subsidiary Telenor Satellite to government-owned Space Norway for 2.36 billion Norwegian crowns ($217.37 million).
"The acquisition ensures that Norway - in a time of increasing geopolitical turmoil - has control over satellites that critical societal functions depend on and that are strategically important to Norway," the Norwegian minister of trade and industry said in a separate statement.
Telenor Satellite provides satellites for the European, Middle East and North African (EMEA) market with broadcasting and data communication services.
Space Norway's activities range from small satellites in low earth orbits to large satellites and ground infrastructure.
The transaction is expected to close in January, Telenor said in a statement.
($1 = 10.8572 Norwegian crowns)