Telenor ASA (ˈtêːlənuːr or tɛləˈnuːr) is a Norwegian majority state-owned multinational telecommunications company headquartered at Fornebu in Bærum, close to Oslo. It is one of the world's largest mobile telecommunications companies with operations worldwide, but focused in Scandinavia and Asia. It has extensive broadband and TV distribution operations in four Nordic countries, and a 10-year-old research and business line for machine-to-machine technology. Telenor owns networks in 8 countries. Telenor is listed on the Oslo Stock Exchange and had a market capitalization in November 2015 of kr 225 billion, making it the third largest company listed on the OSE after DNB and Equinor (previously known as Statoil). Telenor started off in 1855, as a state-operated monopoly provider of telegraph services named Telegrafverket. The first Norwegian planning for a telegraph were launched within the Royal Norwegian Navy in 1848, but by 1852, the plans were public and the Parliament of Norway decided on a plan for constructing a telegraph system throughout the country. Televerket began by connecting Christiania (now Oslo) to Sweden (Norway was at that time in a union with Sweden) as well as Christiania and Drammen. By 1857, the telegraph had reached Bergen on the west coast via Sørlandet on the south coast, and by 1871, it had reached Kirkenes on the far north coast. Cable connections were opened to Denmark in 1867 and to Great Britain in 1869. The telegraph was most important for the merchant marine who now could use the electric telegraph to instantly communicate between different locations, and get a whole new advantage from better logistics. The first telephone service in Norway was offered in 1878, between Arendal and Tvedestrand, while the first international telephone service between Christiania and Stockholm was offered in 1893. Automation of the telephone system was started in 1920, and completed in 1985. In 1946, the first Telex service was offered, and in 1976, satellite telephone connections to the Norwegian merchant navy, at the time the largest in the world and to oil platforms in the North Sea were made operational.