OSLO, Norway-Telenor Mobile Communications said it signed an agreement to sell Norcom Networks, an interactive wireless data service via satellite, to Canadian-listed Wireless Matrix. The company said consideration for the transaction is a maximum of about 15.5 million common shares of Wireless Matrix. The number of shares may be reduced at the discretion of Wireless Matrix through the payment of up to US$18 million.
After closing, Norcom shareholders will own just more than 40 percent of the issued and outstanding common shares of Wireless Matrix. Telenor, which currently owns approximately 90 percent of Norcom, said the transaction should be complete by March or April.
