Telenor exits Inmarsat

15 Mar 2006

Norwegian telco Telenor has exited satellite network operator Inmarsat. Telenor says it will book a gain of NOK906.1 million (USD137 million) after selling its remaining 4.6% stake, some 21 million shares, in a share placement on the London stock exchange. Telenor did not specify when the gain would be booked. The Nordic group is one of a group of investors that includes Apax Partners, Permira and Lockheed Martin which have been slowly reducing their combined 50% holding in Inmarsat since its GBP1.1 billion flotation last summer. The four companies placed a combined 16% of Inmarsat, some 74 million shares, yesterday.

Norway, Telenor Group