Telenor Finalizes Comsat Acquisition

Telenor has completed the acquisition of COMSAT Mobile Communications operations . Simultaneously to the acquisition, Telenor gathers all its mobile satellite activities under the new business area name Telenor Satellite Services, and becomes one of the world's largest global mobile satellite operators. COMSAT Mobile now becomes the U.S. subsidiary of Telenor, under the name Telenor Satellite Services, Inc. COMSAT Mobile, has annual revenues in excess of $100 million. The completion of this transaction transfers CMC's operations, including all employees as well as the two earth station facilities in Southbury, Connecticut, and Santa Paula, California, to Telenor. Additionally, in September 2000 Telenor purchased a portion of LMT's Inmarsat shares to become the largest single owner of Inmarsat Ventures plc, holding the maximum permitted stake of 15 percent.