Telenor sells Intelsat stock
Telenor sells its four percent stock ownership in the worlds largest satellite company for about NOK 850 million (USD 130 million). The sale gives Telenor an accounting profit of about NOK 400 million (USD 62.5 million).
At the annual general meeting yesterday, Intelsat approved the sales agreement which imply that the current stockholders sell their stock to private investors at a rate of USD 18.75 per share.
Telenor has about 6.9 million shares in Intelsat. The settlement for the shares will be in cash, and it is expected that it will be completed around the New Years.
«We made an important decision in 2001 when we would continue as a stockholder after Intelsat was privatized and turned into a stock company,» said Stig Eide Sivertsen, CEO of Telenor Broaddcast Holding. «We are now generously paid for this strategy. Even if we sell ourselves out of the stock company Intelsat, Telenor will still have a joint ownership in the new Intelsat 10-02 satellite which will be launched in June. We will continue to develop the good industrial cooperation with Intelsat which include operation and joint ownership of satellites, independent of the owner change in the stock company.»
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