Telenor Buys Lockheed Satellite Unit

Norwegian state telecoms group Telenor ASA said on Tuesday it was buying Lockheed Martin Global Telecommunication's (LMGT) COMSAT mobile communications operations for $116.5 million in cash. A joint statement said that "COMSAT Mobile 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." COMSAT Mobile's annual revenues exceed $100 million. The deal is subject to regulatory approval. The purchase also included two earth station facilities in Southbury, Connecticut, and Santa Paula, California. "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," it said. "Following the transaction, Telenor will be one of the leading Inmarsat global operators," it added. LMGT is a 100 percent unit of Lockheed Martin. "Additionally, in September 2000, Telenor purchased a portion of LMGT's Inmarsat shares to become the largest owner of Inmarsat, holding the maximum permitted stake of 15 percent," it said.