Telenor has agreed to sell its Telenor Satellite Services (TSS) unit to Apax Partners France for $400 million in cash, Telenor announced.

Telenor has been shopping its satellite communications unit since 2002, and reached agreement with Apax Oct. 25. Apax intends to pursue the development of the company in Norway and abroad.

“We are delighted to make a further investment in satellite communication services by acquiring TSS,” Bertrand Pivin, partner at Apax Partners in Paris, said in a statement. “TSS is not only a major provider of mobile satellite services, but also a leading competitor in the high growth VSAT business segment, providing mission critical satellite communication services to demanding clients worldwide.”

The transaction, which is subject to approval from regulatory authorities, will not impact the services provided by TSS, and business relations with customers will remain unchanged, Telenor said.

Telenor ASA is expecting to post a gain of about 1.4 billion Norwegian kroner ($211.9 million) from the sale. The transaction will not affect any other units of Telenor ASA that use satellite as their communications platform, including Telenor Broadcast/Telenor Satellite Broadcasting.