Europe Approves Apax Acquisition Of Telenor Satellite
[8/20/07 – Satellite Today] The European Commission (EC) authorized the acquisition of Telenor Satellite Services by Apax Partners, concluding that the deal would not “significantly impede effective competition,” the EC announced Aug. 20.
Telenor had been shopping its satellite communications unit since 2002 and announced in October it would sell Telenor Satellite Services to Apax Partners for $400 million in cash.
In November, Apax Partners has completed the acquisition of France Telecom Mobile Satellite Communications, and plans to combine their activities in the wholesale and retail markets for two-way satellite communication services.
In the wholesale market for two-way satellite communication services, the EC determined that customers would continue to have sufficient alternatives after the deal is completed. In the two-way communication services arena, the Commission concluded that a number of strong competitors exist.